Yes. But you should have a back up of your irreplaceable data anyway.
You can do three types of install:
1. Wipe and Install - not what you are wanting
2. Upgrade - just takes what is there already and adds the new bits from the newer OS. Potentially there are some problems with this with incompatible software/drivers. Be sure to update all your software to the latest 10.4 compatible versions if you go this route.
3. Archive and Install - this renames the current System folder and installs a new one alongside your current Applications and user accounts (you have a certain degree of control of what is preserved). This is my preferred route, but it does require you to install third party software and drivers again if they modified the system in any way.