sort of, although you can use a form OR a database table. using the database functions will require the Connection Agent module though (contact email@example.com for details on that) but with a form you can use a form connection.
have a look at the userguide on integration to see what is involved with this.
it won’t effect any other behaviours or notifications. the key will be how to write the data out from your table on this main form into the other form (or database table) and then how to then read that data into your drop down. if the drop down is on another page of your form then you could do the ‘write’ on the ‘show next page’ action and then the ‘read’ on the ‘when page is opened’ on the page that has the drop down ?