In theory, you probably can use it as you envision. However, it's not a design concern for the product, and using the product that way is unsupported. Windows Home Server isn't (as I've said elsewhere) "Windows Server 2003 lite".
Trying to use the web server portion of WHS the way you're contemplating also has a decent chance of breaking the WHS remote access features. You may not care about this if the only thing you're using WHS for is as a test server. But even in that case I would really find some way to lay my hands on Windows Server 2003 instead. WHS is less flexible because it's designed to be easy for non-technical people to use, so much functionality is locked away inside, and some bits are used as is by Windows Home Server itself.
I'm not on the WHS team, I just post a lot. :)
