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You can connect to two subnets and have two seperate interfaces in two different networks (via ethernet or wireless). If you did a netstat -rn on the machine (Unix of Windows) you'd see local routes to each network via each interface.
It's the same as connecting via ethernet and wireless at the same time. In this instance the machine would install a more preferred route to the network connection with more speed (probably ethernet).
For two wireless connections you would have to use two seperate wireless adaptors in the machine and would probably have to authenticate against two seperate ssid's to get it to work.