Sure but everyone knows the titles are inflated so it only matters if you plan to stay in startups perpetually. Megacorps won't pay any attention to your inflated title.
edit: And I've seen interviewers pause at such titles and comment "are you sure you want to work here, we can't offer you as nice of a title." So it may count against you even.
The title game is a funny one. I work at a small startup where I replaced the outgoing technical founder (who used the title CTO). I manage a small team and am responsible for all the of the tech at the company. I could choose any title that I want, but thus far I've stuck with "Lead Developer" because it seems to be a well defined role. Whereas titles like CTO or VP Engineering seem pretty meaningless outside of much larger companies.
edit: And I've seen interviewers pause at such titles and comment "are you sure you want to work here, we can't offer you as nice of a title." So it may count against you even.