Civicrm Upgrade to 4.7.23
Yes. But make sure you are on 4.2.9, because


  "If you are starting from a version prior to 4.2.9 you should upgrade to the latest 4.2 version as an interim step, as the latest version does not contain upgrade code going back that far."


and 


  "You can make big jumps in one upgrade (e.g. 4.5.2 to 4.7.20) without
  needing to apply all the upgrades in between."


The above quotes are from, and see more at:  https://docs.civicrm.org/sysadmin/en/latest/upgrade/ .