It is possible but not recommended to model everything that happened in the experiment. This is because, in order to get the best estimate for the betas, or parameter estimates, the design matrix must be invertible. For a matrix to be invertible it must be full rank, full rank meaning that the number of dimensions that the matrix spans is equal to the number of columns in the matrix. If we consider the situation where we model both stimuli and the rest, (the mean is always modeled as well, see figure below) then if Stim1 + Stim2 + Rest = Mean. This means that the matrix is not full rank, and the Beta-values or parameter estimates for the individual columns may not be well estimated. It is possible that they are well estimated, but it could be that it works for 1 subject but for the rest not.
