Yes you can. A lot of people do it all the time. People will only be suspicious until you deliver a game, and that is because of the recent flux of fakers. Check this thread and the ones linked below it (Similar Threads) for the other shops to be sure about the game you buy can be activated on Steam, then proceed with gifting as much as you want.
Good luck, and thanks.
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Only if it can be registered on Steam. If it's a Steam CD Key for example, you're fine. If it's not a Steam registrable game you can't give it away on the main site. You are allowed to give it away in the forums however.
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GamersGate games you can activate on Steam:
http://forums.steampowered.com/forums/showthread.php?t=1852109
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I was wondering if I can create a giveaway for a game I purchase from someone other then Steam, I read the stickies and FAQ but didn't find an answer. I have been a member for a month and still haven't won anything but it doesn't mean I don't want to contribute. Over half the game I purchase are from online retailers other then Steam, for example I have purchased as many games from GamersGate as I have from Steam.
Can I create a giveaway for games from other sites? I don't want people saying "it's a fake because he doesn't even own it" when I do own but bought it somewhere else.
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