Yes, you can do that, but the real question is: do you really need 8 cores?
Most applications will perform better with a faster DUAL-core than a slower QUAD-core.
Unless you're running Audio/Video applications at a production/professional level, or using a Virtualization Server, you don't really need 8 cores.
But, yes. You can put in only one 5500 and later put in another 5500.