Yeah, and you can do that in several different ways. The URL Rewriter lets you run several sites from the same flux installation (see the website mappings tool), and you can share one installation of flux across multiple sites by simply mapping the /admin directory as a virtual directory.
For multi-language - you could have a different hive for each language or provide different fields for the different translations. eg: Body-en/Body-fr and Title-en/Title-fr etc...
Cheers
Tony