Hi Jim,
Yes this is possible. When sending a Sample Email, there is a "Lead:" field. There you can select leads in different segments to populate the email with.
However, I would suggest to use the Preview Email functionality to view the email based on segmentations. When previewing an email, there is a drop down in the upper left that will either say "View by Lead Detail" or "View by Segment". Make sure that View by Segment is selected. Then, in the top right, there is a drop-down where you can select to view the email as a different segment.
Will