Oh it certainly IS possible but it will end up costing more than equivelent GH using multiple rigs and virtual machines just add more complexity, part failures means losing an entire hashing farm, etc.
What "should" be cheap is a mATX board w/ PCIe extender to another rack full of PCIe expansion slots. Sadly those are thousands of dollars more than just building a bunch of rigs.
I spent a good amount of time calculating, and pricing, and trying to think outside the box but
CHEAP CPU
CHEAP RAM
USB STICK
MB w/ ENOUGH EXPANSION SLOTS
3 or 4 DUAL GPU CARD
GOLD PSU
is pretty much unbeatable. 5970 or 7990 it isn't going to change the equation.
One way to look at it is. Excluding GPU and PSU what is the "overhead".
A 3x PCIex16 MB runs $170. A Sempron $20, Memory $10, USB stick $10
So that cost is $210 for 3 slots = $70 per slot. Using Dual GPU makes it $35 per GPU. That doesn't require any expanders.
With expanders you could go cheaper MB w/ 4 PCIe x1 or x16 slots ~ $120. A Sempron $20, Memory $10, USB stick $10, expanders $40
$200 for 4 slots = $50 per slot. Using Dual GPU that is $25 per GPU
Now AMD drivers limit to 8 GPU so you could go w/ more slots but then you are talking about single GPU so it doesn't really save much $$$.
To be more cost effective an 18 slot backplane would need to be (excluding PSU + GPU) $70 * 18 = $1260. You can't find a backplane + SMB for less than $5000.
Even if you wanted some monster radiator to dump 5KW outside it would be cheaper to just build 5 or 6 watercooled rigs w/ no radiator and a fluid-fluid heat exhanger. Then get a loop to combine connect the heat exchangers w/ larger tubing, powerful pump, and massive radiator. I am thinking about doing that this summer. The problem is the capital costs are huge and AC although inefficient is cheap (relatively speaking).
My power load is ~4KW. So $3500 per year in power. However AC requires ~30% more power to remove the heat 6 months out of the year so that is $600 per year. For the benefit of the doubt lets say $800.
Still to waterblock 15 5970 will cost ~$1800. 5 heat exchangers is another $500. Pumps, resivours, tubing for 5 rigs is ~$1000. So we are looking at $3300 for the primary loops. Lets pretend I get parts for secondary loop for free.
$3300 / $800 per year = 4 years payback. It just doesn't make economic sense.