Absolutely. Just wipe the disk and start over, no reason to keep any of the garbage that came on the system either. A fresh load of vanilla Windows 7 Pro out of the box will run circles around an installation from a manufacturer laden with a zillion software installations you'll rarely use.
If you mean can you upgrade to it. Probably (though with "Windows Anytime upgrades" out there, i'm not entirely certain if an upgrade from Home Premium OEM to a full on Retail Pro Install will work, but most likely the upgrade option will be there when you insert the disc), but I still don't recommend it. MUCH better to install fresh and only install any drivers or utilities you will NEED or WANT.