Certainly, but you won't cover every combination without a full box. The example below would have five horses in each position but leaves out some combos on the top side which cuts the price of the combined wager to $90 and gives you a chance to hit twice if the 3 wins and 2 fills the exacta.
3x3x5x5x5 = $36 (1-3/1-3/1-5/1-5/1-5)
3x4x5x5x5 = $54 (3-5/2-5/1-5/1-5/1-5)
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