Yes you can. All .ly extensions are allowed to be registered by individual except .edu.ly and .gov.ly.
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Can I register domain names with only one character?

Update on, December 15, 2011NIC.LY has announced that all future registrations of .LY domains...
Which .ly domain names that are NOT allowed for registration?

Any .LY domain names may be registered, except domains containing obscene and indecent...
How to update Whois for your domain?

  To modify the Whois Information (Registrant, Administrive, Technical and Billing Contacts) for...
Who can apply for .LY domain names?

Anyone can register any of the .LY domain names except for the gov.ly and edu.ly extensions....
How many domain names can I register?

As many as you like! There is no limit for the number of .LY domains each person/company is...