...is there anything you can do when you have two things to connect through HDMI and only one HDMI port on a TV?
Just about any current gen A/V receiver will have multiple HDMI inputs with an output to feed your HDTV or you can use an HDMI switcher. If going the latter and you're a stickler for PQ than I'd recommend an Oppo HM-31. You can get it in the GTA for a little over $100. Not as cheap as some of the ones on monoprice but it is a very well regarded, quality unit.
Sony KDL-60EX500, Onkyo TX-SR806, Oppo BDP-83, PS3, XBOX 360 w/HD-DVD, Energy Veritas 1.8, AC300 & RVSS, SVS PB13-Ultra