Integrated graphics and GPU?

Most motherboards with an IGP will simply disable the IGP when a discrete graphics card is plugged into the PCI Express x16 slot.

There are the rare few that have Hybrid CrossFireX that allow the option to use the IGP at the same time as the discrete AMD CrossFire capable discrete graphics card.

Do the new sandy bridge chips have the ability to crossfire or sli with a GPU?

No they don't. They are not designed for that.

I should also add that I still can't believe Intel put a more powerful integrated graphics on the "K" series  

What do you mean by "ability to CrossFire or SLI with a GPU"? You can't CrossFire or SLI with the Intel IGP that resides in the Sandy Bridge CPU.

Current Sandy Bridge motherboard chipset H67 disables the IGP and its related functions like Quick Sync when a discrete graphics card is plugged in. The P67 chipset doesn't allow you to use the IGP or Quick Sync at all.

SLI requires that the GPUs be SLI capable and be the same model.

CrossFireX requires that the AMD GPUs be CrossFireX capable.