I have two smart phones (ZTEV788d, system Android 2.3.6) connected to a computer (Ubuntu 11.10) at the same time, using co
If you don't want to change the device itself, and/or don't have root access, and the device has network access, you could switch to using TCPIP instead of USB:
adb tcpip 5555
adb connect yourhostname
I've run this through SSH tunnels where it would connect to localhost, so all devices show up as 'localhost' which is quite unuseful. Adding hosts to /etc/hosts (that all pointed to localhost) fixed that for me.