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I think you can. I didn't find any limitation in data sheets and config guides for WAAS software.But WAE-302 supports only Transport license while WAE-502 can be used with Enterprise license.
You can use Directed Mode in which "WAE transparently intercepts only packets coming from the LAN, while WAN packets are directly routed between the WAEs using UDP".You should look for "Configuring Directed Mode" in Cisco Wide Area Application Servic...
