Yes, this is trivial to do. Just drag the window of one app to the second monitor and you're done.
Dear CNET forum:
Is it possible to run two programs simutaneously on two monitors (ie one program on one monitor--displaying ONLY that program and the second monitor displaying only the second program)? Assuming a video card with dual monitor support or two video cards. One of the programs in running on the Microsoft ".NET" framework and is not very intense and uses a wireless infrared transmitter/USB receiver.