To help the other people seeking the same information add below answer got
Yes it is possible. And if you install pbs_mom and pbs_server along with a scheduler (eg: pbs_sched) you should be just fine.
This in and of itself is not practical. If you are on the box, you should be aware of the resources and not need a scheduler at all. If others are also logging on, well, pbs will have no idea what resources they are using, so your box could be brought to its knees.
I am assuming you are looking at this environment as a learning tool, not a production environment.
That said, you may want to set your nodes file to specify 1 less core than there are on the box. This will at least ensure your jobs don't walk all over some of the other things you will have running. Same with memory, you may want to tell torque to manage less than there really is to prevent non-torque stuff from being walked on by torque stuff :)