No, The problem is that Windows is designed so that it can use only ONE audio output device at a time even if the machine has several available, AND only ONE audio Input (recording) device at a time. To choose which device is to be used for each function, click on Start ... Control Panel ... Sounds and Audio Devices and choose the Audio tab. There are three boxes for choosing devices, and each has a little window with a drop-down arrow to show you the devices available. You choose what you want for each, then hit OK.
With that system in place you cannot use two Input (recording) devices simultaneously. BUT you can choose one for one task, then change to a different input device for your next task.