Yes you can! Many people like to create more than one LRS in their Yet account in order to keep different data sets separate or to have an LRS that is just for testing.
To create an additional LRS in your account, open the menu drawer on the left side of your screen. Click the "Add New LRS" button in the top of your LRS list.
A pop-up card will open with prompts for you to create your new LRS. Give your LRS a unique name that reflects what kind of data will go into it and give it a description that tells what it's purpose is or what data sources will be connected to it. Remember that you will not be able to edit the name or description after you create the LRS.
Once you are happy with your name and description, click "Create." The LRS will be created and will appear in your menu drawer on the LRS list.
For sandbox users, you'll only be able to see the last 30 days of data in any of your sandbox LRSes.