I'm going to say Yes. Would have helped if you had given a little more
information, but yes, you can.
You can use the OR() function or the AND() function to test 2 cells
simultaneously, or you can simply nest IFs to test 1 cell, and if it
passes/fails then check the other.
Examples: A1 has weather indication (Raining or something else more pleasant)
A2 has day of the week in it. You want to be informed you can go
golfing/fishing if it is NOT raining and it IS Saturday:
=IF(AND(A1<>"Raining",A2="Saturday"),"Go Golfing","Stay Home")
or
=IF(A1="Raining","Stay Home",IF(A2="Saturday","Go Fishing","Stuck at Home
Again"))