Multiple Serial Ports viewed simultaneously

I want to know if its possible to view two serial port monitors at the same time? I want to be able to see what is going with both arduinos at the same time.

Would this require me to purchase a second computer or is there a way to do this using only one computer?

Second question: I have a uno (port6) and mega(port7) Every time I switch ports I have to manually change the board in the tools section. Is there a way to pre-program it so it automatically knows port 7 is a mega and port 6 is an uno?

You can do this on one computer, but as far as I know, not with the default Serial Monitor (this automatically connects to the selected port in the IDE menu). I just happened to release my own enhanced Serial Monitor software today - http://forum.arduino.cc/index.php?topic=283890.0 You could try to open two instances of that and connect each to a different port.