Yes you can have up to four influencing dynamic lights for every pixel on the screen using the highest shader mode in Reloaded. You do not get the dynamic shadow casting based on these point lights, but from a fifth directional light source (usually the sun) for your shadows and a general directional lighting term too. The sun position (ergo light casting position) can be changed in the sky settings file, but this will be moved to an object in game which you can move about more easily with the mouse.
PC SPECS: Windows 7 Ultimate 64-bit, Intel Core i7 920, NVIDIA Geforce 9600 GT GPU, 6GB RAM