That can be a problem.
Bandwidth is the maximum amount of information that a signal bus can carry at one time. Ordinarily, this isn't a problem, as digital audio really isn't ordinarily that demanding, but as you start adding devices onto the bus each one eats into the total available bandwidth.
Two of the worst offenders are hard drive controllers and LAN cards. If you have a PCI ethernet card already and added a PCI hard drive controller, there undoubtedly would be very little bandwidth left over for your audio devices, evidenced by audio artifacts such as hesitation or popping sounds.
Video cards can also be tremendously demanding of bandwidth, but usually video is either integrated onto a seperate PCI bus or has it's own dedicated bus (or port) called AGP.
As dgatwood said, the solution if you MUST use a PCI hard drive controller is to move it to another PCI bus, if you have one. Your motherboard manual should tell you which slots share a bus.