Sure. You can even use the same set of code and just configure specific domains to point to the code. Then, in the code base, associate the domain identifier with each user and content so that he knows where he belongs. You can have admin users for all domains. Then, when you add regular users, you can specify which domain they belong to.
You can set the domain check in the Config / bootstrap.php file, and then configure the domain as follows:
Configure::write('domain_id', 'someDomainSpecificID');
Then you need to support only one set of codes and one database from many domains.
If the domains must be physically separated, you can configure one place for ADMIN users (a single database) and run everything against it.
There are many ways you could create it, it just depends on your specific needs. It sounds like a cool project.
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