Oh, you can if you're willing to repartition/reformat it, sure.
If it's your C: drive, though, your only option is to re-install with the slipstream CD or use PartitionMagic to combine the two partitions (which can be dangerous).
If it's just a secondary drive - then once you upgrade/update to SP2 you're fine to repartition the drive and reformat it with the standard Windows Disk Management tool.