The answer is more complex than a yes or no. You didn't mention your age, if you still work for the company, if you are 100% vested, and your income. Without all that information it's impossible to give you a recommendation, but the short answer is you can do whatever you want with your money - you'll just have to pay the taxes and penalties.
very risky. while some 401k plans permit loans to participants we generally advise against it as the penalties for default are very severe.