Yes, just select the 'Publish To Folder' option.
Then you can use any FTP app to upload it to any host.
However there are certain things that require .mac hosting, I think one of them being the slideshow feature.
The slideshow feature still works, but you don't get quicktime effects in the slideshow (reflections, etc.), and you can't use the built-in hit counter.
Otherwise it works well. Your ISP probably gives you webspace somewhere, and you can use an app like Cyberduck to upload to that webspace.
The first is published to .Mac and I have a domain with forwarding to mask the mac address.
The second is published to a folder then uploaded using Cyberduck (an FTP tool) to a host where the domain and space were purchased from.
On balance I prefer the iWeb .Mac seamless integration as it allows you to publish only the ammendments, currently the second site is huge and publish to a folder is the whole site every time. This takes a long time to complete on my G4 Powerbook even with lots of RAM.
And the down side of .mac hosting. Using the FTP tool I can edit some pages offline in HTML, and push them into the folder before uploading e.g. I built a "Search" page in iWeb then add in some Google site search HTML which iWeb & .mac will not let you do.
Fore me time is critical and as I am editing the site very frequently then I reccomend the iWeb .Mac with a purchased domain with forwarding as the best package.