Last time I ordered a PPV, which was a while ago, yes. In fact, a timer is automatically created when you order the PPV. Just don't order anything from "Dish on Demand", since those are already on your hard drive, but only let you watch them for 24 hours after you order them. If you record of a PPV channel, the movie becomes another event in your DVR list that you can watch whenever you want and delete whenever. I often "permanently rent" movies this way, since I can then copy the DVRed movie to my DVD recorder and keep a copy.
Anything you order on PPV is an "All Day Ticket" anyway, so you can always place the order at 3pm and watch a later showing.