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Sure. As long as you can make a full attack action, you can divide your attacks. I typically make players in my game declare their attacks and targets before rolls resolve, otherwise you get into metagame territory, but I'm not sure what the official rule is off the top of my head, but you can definitely attack different targets with your attacks.
EDIT:
If you get more than one attack per round because your base attack bonus is high enough (see Base Attack Bonus in Classes), because you fight with two weapons or a double weapon, or for some special reason, you must use a full-round action to get your additional attacks. You do not need to specify the targets of your attacks ahead of time. You can see how the earlier attacks turn out before assigning the later ones.
So it looks like my houserule is in fact that, a houserule, and you can see how your attacks resolve before assigning the target of your next attack.
Yes, you can do that (or even split them up further, with one attack for each of four separate enemies).
So full round action... that means I can't move to position myself between them and then attack both, right?
Correct. If you move before attacking (beyond a 5-ft step), then you only get a single attack.
That applies regardless of if you want to attack one enemy or multiple enemies.