Pretty short answer really!
The longer answer is - technically yes, that's no problem, but I'd be careful about using dynamic content for the element you are A/B testing. Not for any technical reason, it's just that if you are A/B testing you want to test one variable. Using A/B testing alongside dyanmic content (which usually means targeting and personalisation) is really testing two elements. Maybe they clicked the button because the content was targeted rather than the CTA was a button or a link? Could give yourself false positives for testing...
Just be careful around your scenarios.
Perfect! Thank you!!! Luckily for the ones that I want to split test, our dynamic content is just for regionalization (losing my z's for the UK and such!)