If I get a new video card and monitor that supports HDMI, would I be able to run both audio and video through it?
yes
Would the monitor have to have an audio out?
Only if you wanted to use something other than your monitor for the audio (and even then, there may be other ways).
could I send two monitors on 1 cable or would I have to use 2 cables?
No idea, but guess only one monitor per cable.
How about sending mouse/keyboard through the HDMI cable?
That's not possible.
Not sure if it would allow me to run graphics acceleration and watch movies, does anyone know more details about what this would allow me to do?
You can do this, but it seems inefficient to use two computers in this way, and I don't think you'll get the same performance as you would with just the one computer used directly.
My two cents is to use as few digital cables as possible. So that's ideally one HDMI and one USB. Alternatively you could use DVI, digital audio, and USB.
Never tried any of this though:)
Edit:
Can some be wireless or other methods?
Great idea! Yeah, there are both proprietary and standard solutions I believe for doing this with audio and video. I'd recommend avoiding devices that take analogue inputs (even though they'll no doubt convert to digital before transmission). One site that popped up in Google was this one: http://www.wirelesshdmi.net/. The keywords currently seem to be WirelessHD, WHDI, and WiGig.
I was originally thinking you could do something with DLNA, but I'm not so sure. (I think it's more movie playing than just streaming a constant live signal.) Does anyone know for sure?
Edit 2:
One consideration with wireless though is that it will add extra latency to the signal, which will manifest itself as a slight lag between giving input, and seeing the result on screen. I have no idea if it would be negligible, small, or awful (and it will be affected by the strength of connection between the two transceivers).