Yes and No. You can use a substring of the original hash if you always cut the original hash-string similary (ie. 8 last/first characters). What are you going to do with that "semi-hash" is another thing.
Whatever it is you're going to do, be sure it has nothing to do with security.
Here's why: MD5 is 128-bit hash, so there's 2^128 = ~340,000,000,000,000,000,000,000,000,000,000,000,000 possible permutations. The quite astronomical amount of permutations is the thing that makes bruteforcing this kind of string virtually impossible. By cutting down to 8 characters, you'll end up with 32-bit hash. This is because a single hex-value takes 4 bits to represent (thus, also 128-bit / 4 bit = 32 hex-values). With 32-bit hash there's only 2^32 = 4,294,967,296 combinations. That's about 79,228,162,514,264,337,593,543,950,336 times less secure than original 128-bit hash and can be broken in matter of seconds with any old computer that has processing power of an 80's calculator.