yes it's possible, but remember that in the first 60 days from activation you have all the product features, and after you haven't many of them (e.g. alerting or login!) as you can see at https://www.splunk.com/en_us/software/features-comparison-chart.html .
@gcusello - how many cpu's and space needed on server for splunk indexer. I will be just using that for practice so wont have much data.
I guess splunk needs some data for their internal indexes and files as well.