there is equipment that will split the picture into two halves and send it to two separate screens... but that piece of equipment costs around $5200 for one that does HD video and about $2500 for one that does SD (seriously, I've looked it up)
OR
You could buy a 2nd console, a 2nd copy of the game and a cross over cable and hope the game supports system link. If it doesn't support system link you might as well just buy a couple of LIVE subscriptions since you're spending all kind of money on this ridiculous setup anyway, what's another 50 bucks.
-------------------------------------
The console would never be able to do well putting out two separate signals anyway because it would take TWICE as much processing power to handle the graphics in which case you'd be better off just buying another console.