You sure can. Few things you need to be aware of (amongst others). You can only buy one bonus point per species/hunt. If you apply for a hunt, as an example, Antlered Mule Deer, you forfeit the ability to purchase a bonus point for that particular hunt. You can, however, apply for the Antlered Mule Deer and simultaneously purchase a bonus point for Antlerless Mule Deer (Doe) and anything else.
Should you apply for a hunt (Deer, Elk, Turkey, Bear, etc), AND fail to draw that respective tag, you will be awarded a bonus point for that failed draw. That bonus point and any points you've accumulated can then be applied on your next application for that tag, which may increase your chances of drawing. To oversimplify the process, it really just gives you additional chances for the system to put your name back into the hat.
It's a little cheaper to purchase bonus points versus applying for the tag so some use this as a means to accumulate points before applying for an actual draw. Sheep is an example. I have a couple of friends who have been applying for close to 15 years and have yet to draw. Another example - if you really want to apply for an Elk unit but the draw rate is horrendous, then it may be beneficial to purchase a few bonus points to increase your odds before applying in a few years.
The strategy is up to you. There are people who apply for Elk and draw a tag on their first year. It happens. If money is somewhat of an object and you can wait, then perhaps purchase bonus points for a hunt or two. Otherwise, if you want to continue playing the lottery, then apply for every hunt that interests you.
One other note - this information is based on memory and it's been known to fail at times. LOL! Be sure to verify my data on NDOW's site