Yes. You can create custom segments and include shoppers who match one value or another within the same targeting option. For example, you can create a segment of shoppers who are either based in the United States or in Canada. This is applied using the Geo-location targeting option.
To achieve the above, you can input the two values using the same input field in the user interface:
Note: It is not possible to create a an "or" rule using two different targeting options e.g "Shoppers based in California or who purchased twice".