A Y cable will NOT split a video output to two monitors unless you want two identical displays.
If you want 3 monitors, you'll need either a 2nd video card, or a multi-monitor card designed for 4 or more monitors [such as one of the Matrox or Colorgraphics models ... you can see a few examples here:
http://www.multiplemonitors.org/Pages%20-%20Hardware/Hardware%20-%20Multi%20head%20Video%20cards.htmlAlternative approaches to supporting more than 2 displays:
(1) Use two graphics cards [either a 2nd PCI card or, if your motherboard has dual PCIe x16 slots, two PCIe cards.
(2) Use a Matrox dual-head-to-go (or triple-head-to-go) adapter on one of your outputs to split it into two monitors [the single output from the other port will then give you a total of 3 monitors].
(3) Use a USB video adapter to support the 3rd monitor [e.g. one of these:
http://www.usbgear.com/computer_cable_details.cfm?sku=USBG-SVGA3&cats=169&catid=125%2C106%2C169