Put simply, yes.
You really only need to watch out for your form validation and also realize that it may become encoded by the browser when posting - so special characters may be lost to the HTML entity equivalent.
E.g. '<' would become '
I would be very careful when doing this as many different browsers handle and interpret this differently and can potentially corrupt your data. Also, when displaying this content you may need to do some decoding and/or replaces to get the right format/info. The more the info is passed around, the more convoluted it will get.
I would not recommend this for a long term solution, but it is a possibility for the short term.