Membership level based on selection in the sign up form?

We are using Membership with Buddypress, and we have 2 free membership levels that offer access to different membership levels. What we want is to use Buddypress to add some field to the sign up form. On of those fields will be a select box. Can the plugin put the user into one of two member levels based on that select box selection? For example, if they choose "First Time" can it put them in Free Level 1, and if they choose "Return User" can it put them in Free Level 2?