Use both an Nvidia and an ATI card in one PC?

I currently have the following:
Motherboard: GIGABYTE GA-Z68XP-UD3P
GPU: EVGA GTX580
Running Windows 7

This setup is working perfectly for gaming etc. I would like to try out Bitcoin mining, as a project, but Nvidia cards aren't much help.

I found a cheap ATI HD7850 graphics card, wich could be used for Bitcoin mining.

My question is: can I install the HD7850 in my second slot, and use that one for Bitcoin mining, while I keep using my GTX580 for gaming? (Ill stop mining while gaming and vice versa)

Will this work at all?
Will this affect my gaming performances with the GTX580?

If needed, Im willing to shut down one card while not using it (not sure how to do that though).
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More about nvidia ati card
  1. I already heard of using a Nvidia graphics card for PhysiX and an AMD for everything else on the same computer, so, I believe it's possible.
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