One thing I'm not sure of, do I2C devices come with their own address? There's a 4-port I2C board for Arduino microcontrollers that lets users run up to 4 I2C devices with the same address.
$6.95 is more like it and the Adafruit board does 8 channels.
And the answer to my question:
"Uh oh, this chip has a fixed I2C address, and from what I know about I2C, you cannot have two devices with the same address on the same SDA/SCL pins!"