Yes, but you might not find the results quite what you expect.
Monitors can't accept a standard video signal, so you'll need an extra box to convert to a PC compatible resolution. The cheap boxes aren't that good. The better quality boxes are more than the cost of a HD TV.
Then there's the issue of refresh rate. TV accept a 50Hz source signal. Monitors expect a 60Hz signal. Changing refresh rate means jerkiness in the picture unless a very sophisticated scaler is used; which again means higher costs.
Finally there's what to do about 4:3 and 16:9 switching. Monitors rarely have an aspect ratio button.
If you change to a HD VM box you'll still have frame rate and scaling issues. HDTV resolutions aren't the same as PC resolutions.
You can, of course, overcome all these issues. It just takes time, a little expertise, and a chunk of money. But if you're looking at this as a cheap alternative to a TV then you're barking up the wrong tree.
