I cannot answer this question from my own experience. I do not think you can run two different input sources at the same time as there is no way to select more than one source at a time, so I will go with a no.
I am still setting up additions to this receiver. I only have one room in 5.1 and it sounds great, with CD/HD-DVD and X1 TV. What I like is that there are six HDMI inputs so now my TV, which has only one HDMI input, now will have several input sources. Will be adding Blu-Ray and SACD players, as well as a turntable
If you decide to get this receiver, order enough banana plugs for your speaker wires, it will make installation much easier as the wire connects are a tight fit.