Yep, you sure can. Here's what wikipedia says about it;

Vanilla extract is a solution containing the flavor compound vanillin as the primary ingredient. Pure vanilla extract is made by macerating and percolating vanilla beans in a solution of ethyl alcohol and water. In the United States, in order for a vanilla extract to be called pure, the U.S. Food and Drug Administration requires that the solution contain a minimum of 35% alcohol and 13.35 ounces of vanilla bean per gallon.[1] Double and triple strength (up to 20-fold) vanilla extracts are available.
Vanilla extract is the most common form of vanilla used today. Mexican, Tahitian, Indonesian and Bourbon vanilla are the main varieties. Bourbon vanilla is named for the period when the island of Réunion was ruled by the Bourbon kings of France; it does not contain Bourbon whiskey.
Natural vanilla flavoring is derived from real vanilla beans with little to no alcohol. The maximum amount of alcohol that is usually present is only 2%-3%. Also on the market is imitation vanilla extract, a wood by-product usually made by soaking alcohol into wood which contains vanillin. The vanillin is then chemically treated to mimic the taste of natural vanilla.
Intoxication

As with many other preparations made from alcohol, such as perfumes, colognes, aftershaves, mouthwashes, cold preparations and other food flavorings, it is theoretically possible to become intoxicated by drinking enough vanilla extract. There have been at least two documented cases.[2][3] Adulterants such as coumarin, which is often found in vanilla extract, can cause sickness and liver damage if ingested in extremely high doses.[4]