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In theory, you should be able to configure for dual audio streams. This question has come up before.
Two different audio tracks can play simultaneously, if at least one application allows you to change the default endpoint for playback. For example, run Windows Media Player using the default endpoint; then start another application, like WinAmp, and change the default endpoint to the second audio output device. This should allow for two audio streams to two different monitors.
I have not tried this configuration in my lab yet. Perhaps other community members can chime in if they've seen this in action.
I threw together a quick test for this by using 1 HDMI to my AMP and the other directly to my TV.
So long as the particular piece of software (teamspeak in my case) allows you to choose the output device, then yes, you can indeed have multiple audio outputs.
I was indeed able to hear the test participants over my TV, while music from the Spotify web player was being output on my amplifier. Audio Driver used was the one contained in the Graphics package (220.127.116.1132).
My personal use for this will revolve around Music playing to Zone 2 on my Amplifier.