Maxing out a Simple IRA and Sep IRA?

Any thoughts on this would be greatly appreciated.

Here is my situation:

I own half of a company which is an S-Corp. I have the maximum amount contributed to my SIMPLE IRA which was $10,500 for 08'.

I have another side business where I am the only employee and I just have a seperate checking account for it.

My question is can I set up a SEP-IRA for this side business and contribute the maximum amount allowed and then also continue to max out the SIMPLE IRA?

Thanks