Can 2 people with separate Apple ID's use one iCloud?

My family has 3 iPhones.  We have two Apple ID's that we purchase apps and music on.  We would like to get an iCloud account and have everything reside there so she can use my songs and I can use hers.  Can we do this or do we need to have two seperate iCloud accounts as well?  And...can we use the other persons apps on our phones and listen to their purchased music?
Any help is appreciated.

iCloud has nothing to do with content like songs and apps that you purchased. You could use one Apple ID for iTunes and App Stores that you would have to set up in "Settings > iTunes & App Stores (Both of you could use the same Apple ID for that). And then everyone of you could set up a (new) iCloud account in "Settings > iCloud" so that everyone of you has its own icloud.com email address, calendars, notes, reminders, data, backups etc.

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