MacBook – Is a MacBook 12″ dual monitor setup possible

You've pretty much got two options for two external monitors on a MacBook Pro:

A) Two Apple Thunderbolt Displays

This is the least flexible, but highest performing solution. Obvious drawbacks are the cost, and not being able to use your existing displays. This only works on Thunderbolt equipped Macs with a discrete graphics card (i.e. not the 13" MacBook Pro or any MacBook Air, nor the base Mini).

B) DisplayLink adapter

You can use one display directly connected to the Thunderbolt/Mini Displayport with an mDP-HDMI adapter, and run the second one with a DisplayLink adapter. DisplayLink is essentially basic graphics card connected to your computer via USB. Because of the limitations of USB, it's not a high performance solution - don't expect to do any gaming on it. This does allow you to use your existing monitors, and at relatively modest expense. You may also want to check the current status of Lion support, as I remember seeing some posts about bugs relating to DisplayLink adapters - they may have been fixed by now however.

Short answer - No.

Longer answer, from Everymac…

*Although Apple only reports that this model can support a single external display up to 2560x1600, Intel reports that this model can simultaneously support two external displays up to 2560x1600 "daisy chained" via Thunderbolt 2.

The current top spec Macbook Pro, on the other hand, can support 2 external monitors at 4k, but only at 24Hz - same source

*This model supports a simultaneous maximum resolution up to 3840x2160 on two external displays via Thunderbolt 2. Alternately, it can support a single display up to 3840x2160 via Thunderbolt 2 and a single 1080p display at up to 60 Hz, 3840x2160 at 30 Hz, or 4096x2160 at 24 Hz via HDMI.