I have never messed around with an effects loop before. I currently have two tube amps (One COMBO 40 Watts and the other Head+Cab 50/20 switchable) and one of them has an emulated speaker function. Is there a way for me to play through both amps but have all the effects float between the two speakers (say like delay ping from each other)? Or have reverb affects both speakers so it's just one big giant thing?

I have a mixer too so I dunno if it's the kind of thing that it is only possible through a mixer
Get a stereo effect pedal.  Run out output to one amp, and the other output to the other amp.
your fx have to be able to run in true stereo for you to get a ping pong effect or something similar.  as mentioned above you can go that route or get a Y chord so you can plug your guitar into both amps. while many say Stereo Chorus units have 2 outputs, one is the effect and the other is the clean signal so you wouldn't get a true stereo signal. keep that in mind. 
I have stereo delay and a stereo chorus, what I'm confused about is how stereo is sent out then. It seems like if something is in stereo I'd need to always have two cables running in and out the thing into somewhere else for this to work. Like say if there's "MAIN OUTS" on my mixer, it's stereo because it can be sent as L+R out into a DAW. From there that means that I'd have to run two cables into my DAW (via first into TWO inputs of my interface) into seperate channels of my DAW for it to be true stereo? Or if that L+R cable from Main Out ends up with just one TRS cable on the other end that means that ONE channel is stereo? Will it comes through as L+R on the headphones?

Thanks for the responses, just trying to get a grasp on this
Yes you would need to run the stereo pedals into eachother on separate cables if you want all of them to be stereo. So output L of the 1st pedal into input L of the 2nd pedal into 1 amp, then output R of 1st pedal into Input R of 2nd pedal into the other amp.

if you're recording then it will need to be stereo as well so either two cables or two mics on the speakers.
BrownGibsonDude you keep mentioning your DAW.  Are you trying to go Guitar > effects > 2 amps, or something more complicated?  On a side note, there are many stereo effects that have 1 input and a stereo output, so the L out can go to one amp and the R out can go to another amp.