No, you cannot. I think Jo-Anne is referring to the script runner plugin which has a "scripted field" type, where you can define the calculation in a line or two of groovy. It can also be done with the behaviours plugin though, although the former is the better option.
this custom field is provided by the Jira Toolkit Plugin which is installed on OnDemand but i'm not sure if it's also enabled on OnDemand.
The velocity field option is powerful, but doesn't enable searching or sort in the navigator (the calculation is done on display, the results are not indexed or stored on the issue). So you need to think about what you're looking for before reaching for a particular solution. (Caveat - I don't know what's available in OnDemand, it may be that you can't do anything more than this. Yet)
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