Yes you can. After you have created domains/sub-domains in DreamHost’s control panel, do a DNS query on your own domain against DH’s DNS servers (ns[1-3].dreamhost.com) which will tell you the IP address where your site is hosted. Put that as an A record in your own DNS server.
On the other hand, it would be a bit less than convenient if DreamHost ever decided to move your site to another IP.
Also if you change your domain’s NS to DreamHost, it still provides you an interface to let you alter custom DNS records (adding extra A or CNAME records, for example). It also let you use a different MX for your domain.
Scott Yang | Truth About DreamHost Promo Code