Yes. Many use it successfully. It's probably the most popular pro card, because of its low price. I've got the Audiophile 192 and it works great.
Another interesting option is the M-Audio Revolution 7.1. It has up to four stereo outputs, and now supports GSIF. I haven't used it, so I can't comment on its performance/sound/latency. It would be a small risk, but the payoff could be nice.