Sure. Why not? A CGI script is only a program that interacts with a web server- otherwise, it is completely normal and functional. If you are generating .shtml files through a CGi script (a quizzical but acceptable thing to do), then writing a file is the same as if you had made a command line program to do the same:

use CGI;
...
open(FILE,"<webpage.shtml");
...
print FILE '<!--#exec cgi="somefunky.cgi"-->';
[download]

if it was created correctly, you'll be able to view your .shtml through your browser normally (watch permissions, locking, etc.).

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