Can my wife and i share the same itunes account on different iphones?

Hello everyone,
My wife has had an iTunes account, Iphone, and Ipod for a while.  I just bought an Iphone and Ipod and would like to utilize her music library without messing up her phone or itunes account.  We'd like to maintain separate apps and stuff on our devices...so when I download music and apps, she doesn't want that showing up on her phone when she pairs it to her itunes account.  Can this be done?
I have heard that I need to create my own Apple ID, which I have...so I can download my own apps...but will I have access to her itunes music if I do that?
Thanks!

Fingers crossed the following document might be of some assistance:
How to use multiple iPods, iPads, or iPhones with one computer

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