Yes you can, but water wetter does very little good if you run 50/50 water/coolant. It works much better with high % of water. It's main use is to lube the water pumps seals when there is no slippery coolant. Most drag racers use it with 100% water to keep their water pumps lubed. Here is tech data right from Redline:
http://www.redlineoil.com/tech.asp DYNO TEST RESULTS
Dynomometer tests performed by Malcolm Garrett
Racing Engines showed significant improvements in
coolant temperatures using WaterWetter®. These
tests were performed with a Chevrolet 350 V-8 with a
cast iron block and aluminum cylinder heads. The
thermostat temperature was 160°F. The engine operated
at 7200 rpm for three hours and the stabilized
cooling system temperature was recorded and tabulated
below:
Cooling System Fluid Stabilized Temperature
50% Glycol/ 50% Water 228°F
50/50 with WaterWetter® 220°F
Water 220°F
Water with WaterWetter® 202°F
These numbers are similar to the temperatures
recorded in track use and heavy-duty street use.
COOLANT EFFECTS ON PERFORMANCE
Under moderate load conditions, each percent glycol
raises cylinder head temperatures by 1°F. 50% glycol
raises head temperatures by 45°F. This increase in
temperature will raise the octane required for trace
knock levels by typically 3.5 octane numbers. A car
equipped with a knock sensor will retard the timing to
compensate for the increase in octane requirement
by approximately 5°, which will reduce the maximum
brake torque by about 2.1%. Racing vehicles not
equipped with knock sensors can advance timing for
increased torque.