Shawn Hargreaves:You cannot render more than one thing using the same GPU at the same time.
In DirectX 11, with DirectX 11 hardware, it is theoretically possible. In fact, NVIDIA has a GPU scheduler as part of their CUDA framework. Whether it's actually implemented and works all the way through the pipeline (from hardware, to kernel device, to Direct3D runtime, to application(s)) is not certain, though.
GPUs are becoming more and more like regular multi-processing systems, though, with their own MMUs, thread schedulers, and whatnot.