Wired or wireless? Wired would be easy, game sounds can be played through the headset via the headphone socket on the tv (if it has one). For 2 headsets, you could use an audio splitter which will plug directly into the tv's headphone socket.
Chat functions on both headsets can only be achieved if both players have separate gold accounts. If theyre are sat near eachother will get feedback though... Very annoying.