Dual Monitor Control Separation

I currently use my computer to watch HULU shows on my HDTV, and it works wonderfully. However, with multiple monitors, I was hoping to be able to watch TV and work on other things simultaneously.

The problem that I'm having is that if Hulu is in Full screen on my TV, and I try to do ANY Thing at all on my other screen, Hulu exits full screen mode. This is Suffice to say, a pain in the butt. Now I can not multi task, I either have to use my computer, or watch TV, and not both.

What I was wondering was, is it possible to completely separate the control between the windows, so that you would instead of dragging the mouse off screen, press something more of an alt+Tab keystroke to switch between them?

That way, not only do I not lose the mouse pointer momentarily if I touch the edge, but I'd also not effect what one screen is doing while working on the other. Maybe even enable multiple mouses and keyboards to be used and assigned to their own screen so that multiple users could even use the same computer.

one could type homework while the other checks their email or plays a game. With the multiple cores in most computer nowadays, this type of multitasking should be a snap.