Yes, you can do this by selecting the the "use external host for video file (mp3)" and then inserting a link that points to where your file is hosted. Note that we only accept mp3 files.
You may want to do this for the following reasons:
So that you don't need to have two players on your web page
For RSS feeds
To track download stats from your hosting services like Libsyn, Spreaker, or whatever you use for hosting.