Yes, you can create as many blogs as you like, so long as you do not exceed your data transfer or disk space limits (only Yahoo! Web Hosting plans include unlimited data transfer and disk space). The Movable Type software supports the creation of multiple blogs: After you activate Movable Type once, you can use your software to create as many blogs as you like.
To create a new blog, visit your Movable Type control panel and click the "Weblogs" link. On the "Weblogs" page, click the "Create New Weblog" link to start creating your new blog. (For detailed instructions, please see the Movable Type User Manual.)
To manage multiple blogs you created using the same software, just visit the Blog Manager and locate the module that corresponds with your Movable Type tools. You'll be able to use the links there to access your blog control panel, where you can modify settings, install plug-ins, add posts, and more for each of your blogs. Learn more about managing a blog.
Important: If you have already activated a blog on your site and made the blog your home page, choose carefully whether you'd like to make any new blog your home page. If you elect to make a new blog your home page, your blog will replace your current home page, whether that home page is a blog or another page you created. Learn more.