can I link multiple apple IDs to my itunes account?

The issue I have is that my son has an Ipod Touch 5th gen and wants to keep the music and apps that I have in my Itunes account ( right now the ipod is sync'd with my itunes account). I have set up restrictions for the Ipod that limits what he can do (access the web, download apps, etc). Of course he wants to be able to add apps, music etc to his ipod but I dont want to wont give him access to my itunes password.

The short of it is that I want to know if I can create an Itunes ID for him that links to my account so that he can have access to the family's apps and music but still enable him to add/delete apps and music from his device only.