Yes. Within a campaign, you can create multiple ads of the same type. In our system, ads within the same campaign share targeting information (location, keyword, and audience). If you want an ad to be targeted to a different audience or location, you should put it in a different campaign.
Here are some additional tips, if you are creating multiple ads:
Analytics in our dashboard are currently aggregated and displayed at the campaign level. That is, if you have 3 display ads within one campaign, the results you see in your dashboard are a combination of those results. If you want to see analytics separately, put ads in separate campaigns.
If you are putting your ads in separate campaigns that have similar targeting, here is a short cut: Create a full campaign, and save it. From the “My Campaigns” tab, select the three gray dots to the right of the campaign button, and select “Duplicate and edit”. You can then just change what you want (e.g., upload a different image, change keywords) and save that new ad.