Yes, you can! (But it is not as simple as that really...)
You can not distribute the runtime DLL that comes with C-Set++ in its native form, you must rebuild the DLLs you want to distribute and delete functions in the .DEF files, so that your DLL files only contains functions your program need. Read more about this topic in C/C++ Tools - Programming Guide pages 195-222, that comes with C-Set++ (2.x).