You can; I have. Your cake will not rise as high.
If the cake calls for 2 eggs, try 1 whole egg and 2 egg whites - practice before you try this for company. ;)
Replacing the oil with applesauce will also make a flatter cake.
Angel food cake has no fat - just an aside. Here's a good healthy recipe - a box of Angel Food cake mix (personal preference for me - Duncan Hines) and a can of crushed pineapple in its own juice -not the short tuna looking can - mix together and bake at 350º for approximately 30 minutes.