Yes that's possible. CB Conditional can show/hide fields and even entire tabs based off conditions. As for the conditions there's a wide range of possibilities from simply checking if another field has a specific value or even conditioning with custom PHP. You can give this a try on our demo site below by clicking Administrator under the Login As module and taking a look at the backend (the demo site resets regularly so feel free to tinker around!).

demo.cbdemosites.com/