Yes, you can put a waving hand coral in a saltwater aquarium. They are a bit difficult to keep, but the trick is to have them in an area of steady flowing water. Be sure that the flow isn't too strong, though.
Depending on your light and flow in your tank, then yes it is acceptable. With 4-5 watts or more per gallon of PC, T5 or Metal Halide lighting the coral will survive. They like moderate flow as well.
