What is the simplest way to hook up 2 external monitors to my Early 2011 Macbook Pro.

I have an Early 2011 Macbook Pro and I am looking to hook up 2 external monitors I have just bought. The two monitors are both Acer V193W and they have VGA and Dual Link DVI-D connections. I have searched many ways to hook them up, but I haven't really found an answer I was looking for yet.

I want to ideally connect one cable to my Display/Thunderbolt port and be able to use both monitors externally without mirrored displays. I've heard of a possible solution but have not found a solid answer yet. Would connecting a Macbook Pro - DisplayPort to DVI-D - Monitor 1 - VGA to DVI-D - Monitor 2, work as 2 external displays, or does that only work if the monitors itself have a DisplayPort?

Otherwise I know splitters don't work and only mirror screens, and I rather not have my Thunderbolt and USB slots taken up as another solution. Is there also a similar product to Matrox that does the same exact thing, but is still cheap and effective? Thanks.