Well the simple answer is yes you can. WordPress is now an extremely powerful Content Management System (CMS) that can quickly and easily be deployed as a web site. It is a perfect tool for a simple website and provides many optimisation opportunities if done correctly. I think it is best to have your ‘site’ separately from your ‘blog’ though. Create static web pages and don’t include all the plugins etc. and bookmark shares like a normal blog post. Place your blog posts in the folder www.sitename.co.uk/blog/ so Google will be able to determine which pages to index as site pages and which pages as blog posts.

See this short video from Matt Cutts.