One way to think about stops of dynamic range is the following. Average sensor has 12 bits of precision from a mostly linear capture (excluding the upper highlights).
1. the brightest stop has 2048 levels (the highlights)
2. the next darker stop has 1024 levels
3. then 512 levels
4. then 256 levels
5. then 128 levels
6. then 64 levels (effective limit of usability in shadows)
7. then 32 levels
8. then 16 levels
9. then 8 levels
10. then 4 levels
So yes the digital camera captures more than 6 stops, but no they are not useable. Even if 16 levels was enough for good texture in the tonal range for that stop, it is much too corrupted by noise (even worse with long exposures).
Feppe as for your question,can you skip exposures and just grab a proper exposure (non-clipped for the highlights) and then another exposure for the darks to grab better dynamic range? Yes.
So say you captured 2 exposures 3 stops apart (going through the stops again).
1. 2048 levels in the darkest exposure, fully clipped in the lighter exposure
2. 1024 levels, fully clipped
3. 512 levels, fully clipped
4. 256 levels, 2048 levels in the lighter exposure
5. 128 levels, 1024 levels
6. 64 levels, 512 levels
7. 32 levels, 256 levels
8. 16 levels, 128 levels
9. 8 levels, 64 levels (effective threshold)
So if you can blend in such a way as to use the upper 3 stops from the darker exposure, then digitally drop the exposure of the lighter exposure 3 stops (8 times darker) and blend in the non-over-exposed regions of this exposure matched layer over the noisy shadows and mid-tones of the darker exposure, you will end up with the results you are looking for (less noise).Here is roughly how you could setup your layers,
-> levels adjustment layer (set as a clipping mask on the lighter exposure)
lighter exposure [with layer mask to remove overexposed areas]
darker exposure [as background layer]
The key is making the levels adjustment layer a clipping mask (use OPTION+APPLE+G on the mac in CS2) so that you can use it to darken the lighter exposure to exposure match the non-overexposed regions to the darker layer below.
Here is an example of a slightly developed image (digital GND + contrast adjustments were applied as you will see below in the noise pattern),

Now lets look at the area between the white lines full size with a little sharpening and with bands with different amount of exposure blending (see below).
You will see that I threw in an undeveloped first exposure so that you could see how the digital GND was applied. Also my exposure 1 was exposed to the left to avoid any color distortion which is caused by non-linear responce at the upper end of the cameras sensor. Exposure 4 was not exposure matched correctly so blends that include exposure 4 are slightly lighter. Blending all exposures 1 through 6 (see column labeled "exposure 1-6") effectively removes all the noise. Using just exposures that are 3 stops apart ("exposure 1+4+7") is still a huge improvement over just a single exposure.

Or try
http://www.farrarfocus.com/ffdd/blog20060926.htm for the full writeup on this test.
You can do the blending by hand. You will probably want to create yourself a Linear colorspace (Custom RGB... option in PS Color settings dialog) to work in so that the blending is correct, but you can still get good results using a non-linear space like ProPhoto RGB. Another key is to blend the images after loading them from ACR un-adjusted. Here are the steps to do the proper ACR settings, after loading both raw files at once in ACR and sychronizing the settings to apply to both images,
1. Adjust Chromatic Aberration, if necessary.
2. Adjust White Balance and Vignetting, if necessary. Even if White Balance is correct when set to Auto, you must adjust it up and then back down to remove the Auto designation.
3. Set Exposure, Shadows, Brightness, Contrast, and Saturation to zero.
4. Open the Curve Tab be sure that Tone Curve is set to Linear.
5. Set Space to ProPhoto RGB.
6. Set Depth to 16 Bits/Channel.
Try the blending process by hand, note you will still have to then develop the image afterwards in photoshop.
I've been doing the blending in an automated process (using a script in Photoshop) for a while now,
http://www.farrarfocus.com/ffdd/bracket.htm