@ossobuco,
Sorry, but you are confusing me. Which are you asking if you can shut off - the computer or the hard drive?
If you mean shut off the computer, yes, of course you can. You can also put it in sleep mode. However, if you want to prolong the life of a power supply, then shut off the computer.
There is sufficient debate as to whether or not shutting of the computer periodically prolongs the life OVERALL of the computer. Some experts say to shut them off nightly others say to do it weekly..and still others say not at all.
Not to confuse, but that is a different issue than prolonging the life of the power supply itself - perhaps a slightly different issue.