In the case of a single instance of the MS SQL Server, I'm not aware of any limitation, so I 'd say yes. Try at your convenience.
FYI, the port is needed by the database connection URL, its format is
I never worked with multiple instances, anyway it seems they use a dynamic port in the range 49152–65535. First of all, the app connects to the SQL Server Browser (via port UDP 1434) to get the dynamic port, then it connects to that port directly.
For all details, take a look at this article (section 'Ports Used By SQL Server'):