I came across the following post when trying to find if the above was possible The New Ipad Expandable Storage
Ussing the camera connection kit and SD card I have done this with success, 2 games , the walking dead and real racing both which i cut from the applications folder in ipad and the pasted into the SD card all using Ifile, i then create a link of both games and paste them into the Applications folder on the ipad, both worked perfectly. Un plug the SD card games dont run, plug the SD card back in and games run perfectly.
The big problem with this is that if you reboot the ipad, it loses the icons of the games on the springboard thus not being able to click anything to run the games.
The above post is 10 months old and i cant find anymore info on this , Surley theres more out there ? as its clear its a possiblity to sort this