In a word, yes, you can. I'm going to assume (which I know is dangerous) you are just using your computers factory supplied, built in sound card? This is where the Microsoft mixer applet can be opened twice. That first time you open it with a double click, you get your playback monitor mixer. Where you can select your sound source to monitor. If you go to the file drop-down menu you will find your "Recording Mixer". When you are looking at the recording mixer, you can choose from what internal pickoff point you want to record. And that's somewhat variable depending upon the computers hardware. Most are fairly similar some are slightly different. But you can actually have 2 instances open side by side. It really looks more like a control room situation when you can manipulate both onscreen at the same time without having to flip back and forth.

If you are working with a professional audio interface? You'll find a similar situation with some variables to what I've mentioned, that should provide you with similar capabilities? But hey, not always. In that respect, you might actually have to take the analog output from your computer soundcard and feed that into your professional audio interface line level input? Unfortunately, your question is sort of like "Dr., it hurts when I do this..." And we all know the answer to that one. I assume?

Doh!
Ms. Remy Ann David

Thanks Remy,
I should have told you more details. It's just that my English is very limited so I only have the most simplest words to explain it all in.
I use a Tascam US 1641. The problem with what you suggested is; if you record lets say piano, and play along with your track it also records your track. I don't have much options at the windows mixer screen, and with external wiring I also record everything.