Yes this is totally possible. I run that exact setup you describe. My setup is 3x1 SLS (Single Large Surface) in portrait (2x miniDisplayPort, 1xDVI) and the 4th output to my TV (HDMI), which is just on the other side of the wall in the living room. You could easily have them all in the same room if you so chose.
To get the additional peripheral monitors, which you didn't mention needing, you would need another card (any 2 output card would work fine) or an eyefinity 6 ed card.