I've compiled a few things on a server. The usual gcc, etc. is already there, although people have reported having difficulty because their prerequisites weren't already there. You may install and run programs as long as there's no server disruption. Mine reports:
Reading specs from /usr/lib/gcc-lib/i486-linux/3.3.5/specs
Configured with: ../src/configure -v --enable-languages=c,c++,java,f77,pascal,objc,ada,treelang --prefix=/usr --mandir=/usr/share/man --infodir=/usr/share/info --with-gxx-include-dir=/usr/include/c++/3.3 --enable-shared --enable-_cxaatexit --with-system-zlib --enable-nls --without-included-gettext --enable-clocale=gnu --enable-debug --enable-java-gc=boehm --enable-java-awt=xlib --enable-objc-gc i486-linux
Thread model: posix
gcc version 3.3.5 (Debian 1:3.3.5-13)
Even FORTRAN 77.
They recently hired more support help.
DreamHost Customers wiki And Forum