Yes it's possible, and there are several different ways to go about doing this. Example:
Keyboard ('Down Arrow Pressed'): Add 500*dt to Sprite1.Y
Keyboard ('Up Arrow Pressed'): Add -500*dt to Sprite1.Y
Keyboard ('Left Arrow Pressed'): Add -500*dt to Sprite1.X
Keyboard ('Right Arrow Pressed'): Add 500*dt to Sprite1.X
Keyboard ('S Pressed'): Add 500*dt to Sprite2.Y
Keyboard ('W Pressed'): Add -500*dt to Sprite2.Y
Keyboard ('A Pressed'): Add -500*dt to Sprite2.X
Keyboard ('D Pressed'): Add 500*dt to Sprite2.X
There, Player 1 can control Sprite1 using the Up, Down, Left, Right arrow keys and Player 2 can control Sprite2 with WSAD.