What is the maximum amount of RAM a 2011 MacBook Pro can utilize?
Yes.You can install and use 16GB of RAM in that machine. There are several discussions in Apple's forum on this subject.

I Have same same model MBP and upgraded two weeks ago. Works great.



Edit: (as to the comments)

This is the product I have purchased to my mac. Please, before you buy make sure that the memory fit your specific mac model. Apple  do have a good webpage of How to identify my mac model.

Here, you can find a similar discussion in iFixit forum

In my original answer I have mentioned SSD. Thanks to @tubedogg clarification, the SSD and RAM are unrelated in this discussion. Yet, when upgrading considering to upgrade the SSD is not a bad idea. 
Sorry for the bad analogy: it is like replacing parts in your car that will make it runs great, but it takes 15 minutes to start it.
For me, I decided to start with RAM. Upgrading the Hard Drive, made it even better.

I didn't see the Mac going over 8MB yet, so I opened every application on my mac just to get to 51%. Since the update it usually runs between 30%-45% of RAM used.

Which brings me to the following conclusion: 


Can You install 16MB RAM? Yes
Do you need it? depends on your usage
Why would you still install it? Upgrade once, even if you don't use it right away
Should you also upgrade your hard drive? If you have the resources (money, time, transfer method), then yes