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Yes, in principle. Memristors have a resistance that depends on the last voltage applied to them. So, in using them as binary 1's and 0's, one would simply apply a very high or very low voltage to achieve a very high or very low resistance...which is subsequently interpreted as a 1 or 0. If noise in the system is sufficiently small, one could subdivide the range of achievable resistances into multiple levels...say, for instance, low, medium and high resistance that could be interpreted as a 0, 1 or 2. As noise is reduced, the number states that can be accurately measured increases and thus the maximum value each memristors can store increases. Therefore, if noise is very low, one might be able to store 4 bits of data on a single memristor, the numbers 0 through 15. This concept can be further extended to even high precision as noise is reduced further.

Note: Noise is a limiting factor in accurately reading and writing states. If there is a too much noise in the applied voltage, the resistance of the memristor could be incorrectly interpreted when read. Likewise, reading the state has noise associated with it as well. Both sources of noise would contribute to getting the wrong value.

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