[POSSIBLE?] Install multiple Drupal 7 distributions – can they use one Drupal core?

Is it possible to use one (same) Drupal core for multiple distributions in a domain hosting account then place each’s distribution’s profile files inside of core’s ‘profile’ folder, instead of installing each’s full distributions? For example, installing Open Atrium, Drupal Commerce, and others.

The alternative, I would assume, is installing each full distribution into their own sub-directory in the domain account, correct?

Thanks!

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