Output 2 items within the Loop

Easy using WP query (get to know it…)

<ul>
    <?php
        $recentPosts = new WP_Query();
        $recentPosts->query('showposts=2'); // SET AMOUNT HERE
    ?>
    <?php while ($recentPosts->have_posts()) : $recentPosts->the_post(); ?>
        <li><div class="slide"><?php the_content(); ?></div></li>
    <?php endwhile; ?>
</ul>

Hope this helps. Let me know if you encounter any issuse.

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EDIT 1:
* explenation – just added a small conditional counter

<ul>
    <?php 
        $count = 1;
        while(has_posts()): the_post(); 
    ?>

        <?php if ($count == 1) {echo '<li><div class="slide">';} ?>
        <?php the_content(); ?>
        <?php if ($count == 3) {echo '</div></li>'; $count = 1;} else {$count++;} ?>

    <?php endwhile; ?>
</ul>

---

EDIT 2:
* please note i changed has_post to have_post (think it should be that way? your call)

<?php 
    echo '<ul>';
    $count = 1;

    while(have_posts()): the_post(); 

    if ($count == 1) {$slideOpenTag = '<li><div class="slide">';} else {$slideOpenTag = '';}
    if ($slideOpenTag) {echo $slideOpenTag;}

    the_content();

    if ($count == 3) {$slideCloseTag = '</div></li>'; $count = 1;} else {$count++; $slideCloseTag = '';}
    if ($slideCloseTag) {echo $slideCloseTag;}

    endwhile;
    if (!$slideCloseTag) {echo '</div></li>';}
    echo '<ul>';        
?>