It's all *possible* but I wouldn't reccomend it due to the large CPU bottlenecks associated with VPS's, if you're running a gameserver, a low end dedicated will serve your needs better, and will run much faster.
Depending on which game server you want to run, it can or can't be done while hosting sites, I know that some try to run daemons on port 80 which obviously causes issues with serving pages. Like above, its perfectly possible, but don't play about unless you know what you're doing, or get a proper system admin to do it for you.
█ Dan Kitchen | Technical Director | Razorblue
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█ UK Intensive Managed Hosting, Clusters and Colocation.
█ HP Servers, Cisco/Juniper Powered BGP Network (AS15692).
Thanks for the advice, I entertained the idea of getting a cheap dedicated server, probably a Sempron 2600 server with 512 megs of ram since I knew that a VPS might not be powerful enough for a gameserver.