Do you mean an open site allowing people to upload whatever files they want for free sharing?
If so, technically this is allowed, but remember two things:
1. If someone uploads and shares copyrighted content, you will generally be held accountable and I can't imagine any excuse holding up with the abuse department.
2. If you site gets too much traffic and hoses the server all the time, you will be asked to upgrade to a dedicated server - or perhaps a PS server nowadays.
If this isn't what you mean, let us know here and we'll try to answer whatever questions you might have.
Oh, and remember, we're just fellow customers here, not DreamHost employees.
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