Technically, yes—but realistically, no. Cracked Office 2011 for Mac frequently crashes on 10.7.5 because the crack disables security certificates that Lion actually needs to run the software smoothly. You will lose documents.
Since Microsoft no longer sells or hosts official "free" downloads for this version, you have three primary paths: Microsoft Office For Mac Os X 10.7 5 Free Download
If you’d like me to find a for the last compatible version of LibreOffice or help you troubleshoot your current browser to use Office Online, just let me know! Technically, yes—but realistically, no