Yes you can, until the R2016a version. Starting with that version, only 64 bits will be supported, though you can continue to use your older version on the computer at the same time. Multiple versions of MATLAB will coexist happily on the same computer.
If you want to compile a 32 bit version for somebody, then you must run the 32 bit version of MATLAB, not the 64 bit version. And you have to distribute the 32 bit version of the MCRInstaller.exe to the target computer. You can have both 32 and 64 bit versions of MATLAB on your computer at the same time, as well as different year versions.
