No. Unless the game is specifically programmed for that kind of multi-player handling, consoles are particularly bad for that. For example, with Doom you'd need two complete copies of the game running at the same time on the DC, and it's bad enough just getting one game running. :D
If someone did get two copies of Doom running, they'd be fighting over the CD trying to load lumps for the game (that's already the one thing that slows Doom on the DC the most - waiting on data from the CD).