Not recommended! ToS expressly limits you to 2 accounts. One for Business and one for Personal. Anything more and you are playing with fire.
Besides, unless you have multiple Ebay accounts, which is forbidden, you can't take advantage of more than 2 paypal accounts.
Keep it up and I predict you will be posting that you were banned.
Not true, you can have multiple eBay accounts as long as you do not intend violate eBay's policies. For example, if you are a seller that sells laptops and iPhones. You could have an account just for laptops and one just for iPhones. http://pages.ebay.com/help/policies/multiple-accounts.html
What I wouldn't do is use multiple eBay accounts to buy daily discounted gift card offers in large quantities. Although, you could use multiple Paypal accounts to use more than $5000 a month in total gift card purchases at full price.
When it comes to multiple Paypal accounts I am not suggesting opening tons of accounts. I am suggesting closing one of your accounts in order to reopen a new account. This is allowed and would reset your $5000 gift card limit, but I wouldn't suggest closing a Paypal account then reopen them under the same e-mail address. In the past I have waited a week or so before reopening a new account. You can have multiple business accounts at the same time if the business names are different. I wouldn't take it too far, but if you have eBay bucks to redeem at the end of the quarter and are at your limit it is a solution.