You need a dedicated graphics card for this combination (Core i7 860+ DQ57TML) to work. As far as PCI or Pci-e x1 graphics are supported i see no reason why not. I haven't tried it myself but i am going to sooner or later (using a PCI-e x1 Nvidia Quadro NVS 295 PCi-e x1 card).
Yes, i now, that i need dedicated graphics card! But would the motherboard recognize that it has graphics on PCI or PCI-E x1 slot, not on x16? I didnt find any information about this...The plan was to use PCI-E x16 slot for hardware raid card or nic.