of course! but its not profitable, so i suggest you book the reward tickets for a friend and they pay you in cash, or just book for yourself!
you dont need to go to South America...Canada-US/Europe/Asia are all bookable.
LifeMiles to Points: No direct conversions, but you can use your points to book Hilton hotels at a horrendous rate, or car rentals etc! see below.
https://www.lifemiles.com/eng/use/cat/cathotels.aspx
Points to LifeMiles: OK! Lots of options! see below.
https://www.lifemiles.com/eng/ear/par/parprogconv.aspx