Can i have 2 itunes accounts using the same e-mail address?

My daughter got an ipod touch for Xmas and 2 itunes gift cards. I also receieved a gift card. In the past we have used our account to but content for her old nano but now want to set up her own account so she can use her gift cards without mixing them up with mine. We only have one e-mail address for our pc however so I am wondering if I can set up a seperate account for my daughter using the same e-mail as my itunes account.