Power demand beyond maximum deliverable power
R = R1 + R2 = U / I

P = U * I = U² / R = 0.55 W = 1 V / R

R = 1 V / 0.55 W ~= 1.82 Ohm


Answer: yes, you can dial your R2 so that both resistors together could draw enough current  to "consume" 0.55 W of power, which will however not happen if your supply does not supply as much.