Yeasts can definitely reproduce sexually and mate with other yeasts. Saccharomyces yeast are typically diploid (with an a/alpha mating type), and these can undergo sporulation and meiosis to produce 4 haploid spores (with either a or alpha mating type). Haploid cells with opposite mating type can then mate to form a new diploid cell. In a lab, this can be done quite easily with sporulation media and a micromanipulator. However, most brewing strains are aneuploid and either sporulate poorly or don't produce many viable spores. There are many exceptions though.
While it is true that by simply mixing two yeast strains in a batch of wort, one will over time become dominant, it is still very likely that some hybrid cells actually form. The only problem is that this is very rare (typically around 1 cell in 10^7-10^8 cells), and picking out these in a home environment would be impossible. If these hybrid cells would outperform the parent strains though, it is possible that they would start dominating the population after many many generations. There are certain tricks that can be used to pick out these hybrids formed from 'rare mating' from a yeast population, and I've used it successfully to create some interesting hybrids:
Conan x WLP644 hybrid:
http://beer.suregork.com/?p=3747
New lager yeasts:
http://beer.suregork.com/?p=3626
http://beer.suregork.com/?p=3639
But yes, as the others have mentioned, by simply mixing two strains in a batch of wort you will just get a mixed population and eventually one strain dominating the other. You may have some hybrid strains in the population, but it will be impossible for you to pick them out.