Hi There,

I was wondering if it is possible to place 2 or even 3 modules side by side within the content pane?

Actually, yes, you can place multiple modules in a single content pane via a third-party "helper" module.  I've seen (at least) two different modules over the past couple of years that provide this feature.  The downside is that this adds code complexity (more risk of compatability errors) as well as module-management complexity.

Option #1: Helper Module
Here's one current offering ($40): 
http://www.snowcovered.com/Snowcovered2/Default.aspx?tabid=242&PackageID=12876

Option #2:  Modify the Skin
As Sebastian noted, changing the skin is the way to go if you want to do this yourself (without purchasing a new skin or a helper module).  Altering your skin is the best option (and free!) if you want to minimize code complexity, retain a single method of module management and/or intend to reuse the altered panel layout on multiple pages.

Cheers!
-mamlin