Ofcourse you can do that there is no issue at all. In fact some of the folks even share the swap partition between Linux and Windows. As you can see in my Ubuntu Desktop - I have two drives(one i added later). Both the hard drives have Windows as well Linux.

And this is how they look(appear) in the sidebar of Ubuntu Desktop 14.04.3 with the exact Volume label of Windows. You can access them right from there.