michelv;
Hello and welcome to the forums.
The short answer is no, not simultaneously on the same adapter. If static values are configured for the adapter then it will not solicit DHCP; however you can configure the IPv4 properties to fail-over to a static value in the event that you have the adapter configured to use DHCP and there is no DHCP server available by using the "Alternate Configuration" tab under IPv4 properties for that adapter.
Unfortunately this built in fail-over mechanism will not work either as long as Windows 7 continues to default to APIPA resolution and you will need to edit the registry to prevent this from happening. Link Removed - Invalid URL
Perhaps adding a second adapter to your computer configured with...