One thing you'll have to remember is that at business school, we spend a lot of time refining our resumes, and none of us (at least at Wharton) have official resumes exceeding a single page (it is a requirement for us current students that our resumes fit a single page).
If you do choose to exceed, bear in mind that it will be looked upon very critically for whether you actually do need the space, when everyone else has been able to successfully cut their resume down to a single page. Besides, after you do get in you will likely have to cut it down to a single page anyway. Why not start now?
As with most things, it's not that you can't do it, it's that your decision will be judged.