Yes that is possible, in thast case qtp will use the objects in the local repository.
an exerpt from the post by Ankur
"If an object with the same name is located in both the local object repository and in a shared object repository associated with the same action, the action uses the local object definition"
for more details refer Understanding object repositories in QTP 9.x series
an exerpt from the post by Ankur
"If an object with the same name is located in both the local object repository and in a shared object repository associated with the same action, the action uses the local object definition"
for more details refer Understanding object repositories in QTP 9.x series