methinks this is one of those semantics things; multi-tasking vs multi-threading.
Sort of, multi-tasking works by dividing the processor time between multiple process/threads running on the machine. A process (task) can be made up of multiple threads. Even though all of these threads are running on a single processor the advantage is that they are running independently of one another. If one thread is waiting on disk access the thread redrawing the screen can still do its thing without waiting for the disk access to complete.
As to the question about talking to serial servo drive through Mach's VB script. You won't be able to do that, it is just too slow. If you want to try and talk to servo drives over a serial link then it needs to be done via a plug-in. When I get the vector drive plug-in done I'll post it as a reference.