No, but you won't get the SLI capabilities. I have an SLI mobo, and am running only one video card, at this time. It runs fine.
That rather depends on which video card you get. I personally think SLi is rather pointless, because usually for the same amount of money you pay to get two of a certain graphics card (they need to be the same, and they also need to be nvidia cards to work in SLI) you can usually get one much faster card that's better than having two of the slower ones. The only big use of SLi is when you're rich and you have two of the most powerful Graphics card. If you get a slow graphics card like an 8300GS then you'll get problems with some games, but buying a single 8800GTS will let you run pretty much any game there is out there. Two video cards aren't a necessity.
This is the one im getting. http://www.zipzoomfly.com/jsp/ProductDetail.jsp?ProductCode=327727 And this is the motherboard. http://www.zipzoomfly.com/jsp/ProductDetail.jsp?ProductCode=246710&prodlist=yahoo