This is a recurring question, here's a recent thread post with my response suggesting you shouldn't do so (which I didn't want to retype here): http://forums.benzworld.org/forums/forums/thread-view.asp?tid=1224960
Sure, you can use it. The engine will compensate the best it can by retarding the spark.
You will lose some power, the engine will run hotter and with less power and your economy will suffer. If it can't retard the spark sufficiently, you will get pre-detonation (knock) which can be very damaging to pistons.
If you have any warranty to be concerned about -- it could affect coverage if the low octane fuel causes damage.
In the end, I would do it carefully as a stop-gap and not get into this habit.
The money you save at the pump will be taken away in fuel economy. Run the experiment yourself if you're not convinced[:0]