Okay, I’ve been doing a little reading, here’s what I’ve found:
(hehe I think me and pomru were both wrong, doh! :p)
About Graphics Cards and “hardware lights” vs “light sources”:
There has been some confusion about the “8 hardware lights” limit. Many have thought that this means the hardware can only handle 8 lights in a scene, which most modern games already exceed on a regular basis. In fact, the GeForce can light each triangle in a scene with 8 lights, but the scene can have as many as the developer wants.
(src: http://www.cdmag.com/articles/023/098/geforce_preview.html )
To reinforce this, there is a really cool old nvidia demo which supports upto 300 lights! 

http://developer.nvidia.com/object/Lights_Demo.html
(When you run it, there’s a sider at the bottom of the window to increase number of lights (There’s also a button to click if you want more than 50), right click drag to move camera, and click the plane to deform it!)
Note that while they are 300 lights that are illuminating the same mesh, each individual triange can never be lit by more than 8 lights simultaneously.
On OpenGL and “limitations”:
Also, I just stumbled on this site :
http://www.opengl.org/developers/code/mjktips/VirtualizedLights/VirtualizedLights.html
The problem is that most OpenGL implementations only support the minimum required number of light sources. Minimum required number of light sources is eight (8). Note: OpenGL implementations are free to support an arbitary number of light sources, but to make hardware accelerated lighting tractable, OpenGL only mandates that at least 8 light sources.
hmm, I was wrong in saying that it was a OpenGL limiation, it looks like it’s a limitation of Maya’s implentation of OpenGL and not OpenGL itself.
However, /me <-- not a programmer or hardware person, and I’m just going by what I’ve read 