Theoretically yes, you can use it that way. That assumes you can read and write to it.
Realistically, the only way I would do that is if I had two hard drives, or a partitioned hard drive, and would do so to separate the programs from the OS.
Realistically, the only way I would do that is if I had two hard drives, or a partitioned hard drive, and would do so to separate the programs from the OS.