Hi -
Short answer: "Yes, you probably can".
Longer answer:
1. You're aware, of course, that x86 (32-bit) and Itanium (64-bit) are completely different architectures.
2. As such, the binaries (.o objects, .a libraries, .so shared libraries, executable programs, etc) have a signature in their header differentiating one from the other.
3. Most (not necessarily all, but more) 64-bit OS's have parallel 32-bit and 64-bit environments (i.e. every standard shared library has both a 64-bit veresion as well as a 32-bit equivalent).
The same goes for development packages: you'll usually have parallel 32- and 64-bit binaries.
4. You should be aware that I64 and Itanium are also completely different architectures.
5. Having said all that, you're going to have to sort out for yourself just what combinations your OS does and doesn't support.
I would start out by trying to build a "hello world", in both 32- and 64-bit versions, and see what happens.
These links might help:
http://en.wikipedia.org/wiki/X86-64#History_of_Intel_64
http://en.wikipedia.org/wiki/Itanium