VGA splitter will work but you need to take a couple things into account.
VGA splitter "sometimes" degrade the signal and I have seen them not work properly.
Your external LCDs will be clones of each other.
If you wanted a triple monitor setup with your laptop and the two externals to each have their seperate displays you would have to look at something like this here.http://www.matrox.com/graphics/en/products/gxm/dh2go/
Let me know what you think.