In theory yes, in practise no ....
MorphOS only runs on the Pegasos1 and Pegasos2 boards, and to
some extent on the old Phase5-cards (CS_PPC/BPPC). Meaning
will have to resort to the old 0.4-demo, which is just a way of running
AOS3.x on the PPC-side of the cards (actually it's a bit more, but
lets keep it simple), or will have to make very good contact to one
of the core-developers giving you a current version for these cards.
MorphOS will allow you to use system-friendly SW written for AmigaOS
and for Amigas with PPC (WarpOS/PowerUP), for further insight it might
be usefull to have a look into the forums at:
morphzone