You sure can. many times newer drives are faster then older ones(improved design no the age it self).
You should run into no issues doing either.
I just installed windows 8 on a old 120gig(this sucker is slow. like 50megabytes/sec MAX slow) drive to see how it would react and to test some things.
As the drive ages(all drives will fail at one point), be ready to replace it if it start to show signs of failure(good backup of important files is essential even with new drives.).