As Jake mentioned, it would be helpful to know a few more specifics, but in general "yes" this should be possible assuming
- you have the proper ArcGIS Online account (my guess is personal and developer version will not work),
- your IIS (or other) can see ArcGIS Online (not blocked by firewall),
- you have a development environment that can read the service URL, like the JS API or the online vesion of Web AppBuilder for ArcGIS | ArcGIS or the developers version Web AppBuilder for ArcGIS (Developer Edition) | ArcGIS for Developers
If you publish a service and look at the Proprties page, you can find the URL link in the lower-right corner
and copy the path which will look something like this
http://services.arcgis.com/<Generated Value>/arcgis/rest/services/<myFeatureService>/FeatureServer
or view the REST endpoint, just as you would if using ArcGIS Server services. See
Publish hosted feature layers—ArcGIS Online Help | ArcGIS
Keep in mind that there may be credit charges.