Multi Domains-Separate Install also?

Quick question, if I use Multi Domains on a network I run am I still able to have a separate Wordpress install using one of the added domains?

Would this affect it in any way? For example my network is say network1.com and I add a domain network2.com to the first network using multi domains and creating the wildcard subdomain.

Can I at the same time have network2.com set up as a separate wordpress install and successfully run sites there as well? or would it conflict?