Of-course. As wjd said, if its legal in the United States, then you are free to host it. How you monetize your site(s) is totally up to you.
Yes, you can resell your hosting at whatever price you wish. DreamHost do offer a few features to make this process easier (real machine users, panel privileges etc.), but you should be aware that you can not 'brand' the panel, so if your clients require admin panel acccess they will be aware that they are hosted at DreamHost.
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