a good stress test for something with 8 cores needs to be doing a variety of things simultaneously.
if you were using downloaded 1080p content, and running more than one at a time, then you were straining your hard drives, almost certainly.
you said they were not using hard drive i/o during playback, but they had to be, unless the clips were completely loaded into the RAM. graphics processing power doesn't come into play very much on a Mac because OS X doesn't utilize the onboard HD video processing components of the latest graphics cards. take a look at the video quality from DVD player to see what I mean, then compare that to a PC with a PureVideo-enabled NVidia GPU in it...embarrassing.
Anyway, a RAID 0 array of 2 modern 7200 drives should be able to handle a couple of compressed HD streams with no lag. 5 or 6 is pushing it, unless they are buffered beforehand into the RAM.
The 32% CPU usage you reported is probably 32% of the total 8 cores, depending on the utility you're using to report that usage percentage.
that would equal 2.5 cores at 100% utilization. If the application you're using to play the videos isn't able to run separate CPU threads for each open window, then that would be a likely utilization scenario...a video player that's 2-core capable, running two cores at 100%, and the other 50% usage is from the rest of your system, compensating. I'm not sure how many cores quicktime will use at once.
can you give more details on your set-up? how much ram?