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I would tend not to recommend it, because your 220 line is using a common neutral wire, which means you'll have a non-connected hotwire sitting out there waiting for an excuse to close a circuit.
Now what you CAN do, if you don't need to use it as a dryer outlet anymore, is remove the 220 breaker that feeds that line, and replace it with a single pole. That will kill the second hot wire and turn the romex into a 110 line with an extra wire that's not connected on either end. Of course, you'll need to put a standard outlet in there (assuming you want an outlet) but they're cheap. The breaker shouldn't cost you more than $10, and that's assuming you have something relatively expensive like a SquareD QO or something.
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