yes, it's a hardware limitation, commonly found on graphics cards. geforce gtx 580 had the same problem for instance. AMD radeon, from the hd 5000 series onwards, geforce gtx 600 series (not low end 610, 620 etc.) do support three displays or more.
as for Intel it's a new feature of the ivy bridge processor (which has integrated graphics), that would mean getting a new laptop - and checking it's actually wired for three displays.
your hardware is just not wired in any to support three displays at once.
your only option is a USB graphics card (unless you have an expresscard port). it's affordable, and should be rather slow, it's meant for showing presentations and the like. I've checked the price and it's much cheaper than before, used to be 100 euros or dollars, I've seen one at 43 dollars.
but no idea if it's supported by linux, and if it is, you might have to craft a custom /etc/X11/xorg.conf file. especially, unplugging / plugging it may be totally disastrous

. I'm sure the whole graphical system never was thought with removable graphics cards in mind.
but maybe I'm overly pessimistic.