Yes, it is possible to host more than one domain on your account. You can do so right from cPanel. Find out more in our All About Subdomains article.
For hosting multiple domains that go to the same site, use the Park Domain feature.
For hosting multiple domains that go to separate sites, use the Add-On Domain feature.
To make a subdomain (IE: http://subdomain.yoursite.com), use the subdomain feature as outlined below.
If you're a Reseller or Dedicated server customer, you can add an account in WHM to add a domain
Note: you can also allow each cPanel user to add extra domains via the Addon Domains feature, and the limitation of this feature is decided by you.
Don't forget! You must register a new domain name before you can use it with your hosting. All domains added to your account use the same name servers we provided in your welcome email.
Create a New SubDomain
cPanel will create a DNS entry (an A record) for that subdomain pointing to your IP address.
Subdomains and add-on domains will each be given their own folder. This folder will contain all the files for that name.
Note: although you can host multiple sites/domains, all of them will have the same log in name and password. If you want the ability to separate accounts entirely, it's necessary to have a Reseller account. Contact firstname.lastname@example.org to upgrade.