In general, yes. Your honors project may be based on a summer research position at another institution, for example. As long as you have the agreement of an on-campus Honors Review Committee in the area of study (including a faculty member willing to serve as director), nothing will stop you from submitting your work for review. Your Honors Committee and/or area of study may have specific requirements about such projects. Please consult with the chair or program director in the area of study for further information.