It is entirely possible, but I would not necessarily advise it unless you have a strong interest in wine. personally, I would stick to one country, probably Peru. Peru is a very large and diverse country with an amazing amount to see and experience and I would be inclined to spend your entire time there. Flights within South America tend to be expensive and time consuming.

You could easily spend a week exploring the Sacred Valley, Cusco and Macchu Picchu, Add on trips to Arequipa and Colca Canyon and The Amazon and your two weeks are filled. I would also think about squeezing in a visit to Lake Titicaca from where it is easy to get a bus to Arequipa and CC.

More info available on this site @ http://www.fodors.com/world/south-america/peru/

I totally agree with the above. You can easily spend 2 weeks in Peru travelling from Lima down the coast and then to Arequipa, Colca and Cuzco and then Lake Titicaca or the Lake and then Cuzco and then flying back to Lima from either Cuzco or Juliaca (near Puno) or if you are doing the jungle then you can easily fly to Puerto Maldonado from Cuzco then back on to Lima! I love Peru and not a massive fan of Chile especially just for the vineyards!

I third the idea of sticking to Peru.

If you are interested in food and wine you may want to just add days in Lima at the end.

Hi
For Peru, you need the following
From Lima to Arequipa, flight with Lan or Taca or Peruvian Airlines
Here you have a suggestion
Day 01, Flight from Lima to Arequipa, transfer in and city tour + Santa Catalina Monastery
Day 02, Colca canyon with overnight
Day 03, Return to Arequipa city
Day 04, flight from Arequipa to Cusco (try an early flight), pm city tour + nearby ruins
Day 05, Full day Sacred Valley (better Tuesday, Thursday or Sunday), overnight there.
Day 06, Full day to Machu Picchu, return to Cusco city
Day 07, Flight from Cusco to Puerto Maldonado, look up for a lodge 3 days / 2 nights at least.
With it you will have enought time for Chile
Have a nice trip
Sicalodi