No, not directly.
Jeff has indicated that there is frame-busting code, and even initially asked the StackOverflow community to help with it.
While not a specific indicator saying you cannot do it, it's fairly obvious that they do not want you to embed any StackExchange site wholesale in another site.
That said, for your particular scenario, you are able to embed those questions (or at least, elements of them) in your site, as the latest questions tagged html is offered up through RSS through the following URL:
You could build a widget that utilizes this feed and embed that in your website.
However, it should be said that you'd have to attribute the content back to the StackExchange site that you wish to use this content in; I'm sure the RSS feeds fall under the CC BY-SA 3.0 license that all Stack Exchange sites fall under.