Yes you can. I run Tc11.2.2 in Hyper-V. However, some things are more difficult than you would imagine. With VMware, creating an "generic" installation and then copying it to a "specific" installation (cloning) is straight forward. For instance, creating a server that has Windows and MS SQL server (ootb) installed (the golden copy) then copying it to a new server and installing Teamcenter. This is very difficult in Hyper-V for some reason. However Hyper-V is free on all the new versions of Windows.