Yes. I assume you mean a 4-track cassette recorder like a Tascam PortaStudio.
You also may be referring to track bouncing. On most 4-track Portastudio-type recorders, you can bounce up to three tracks down to one to free up those tracks for further recording.
Otherwise, yes. You can first record a rhythm guitar. Then rewind. Then record a lead guitar. Then mix them together.