If it were a clipping mask of say an image onto a text layer or something only the top image would apply. However, adjustment layers are infinite. You can add as many as you want.
For example, to help my lighting I clip two curves layers to my render. One to brighten, on to darken. I then mask them based on what is needed.
Also, as a general hint, you can apply clipping masks by holding alt and clicking the line between the layers you want clipped.