Yes you can and many do according to the past discussions over on the Organic Gardening forum. The point often made is that the better the quality of the compost, the more diverse its ingredients, the higher the quality of the tea.

Dave

Make tea for what kind of plants? I would say it is ok for small seedlings.

If you read the ANALYSIS on the bag (if there is one), you will see that bagged composts are very pour on NPK. They are just good soil amenders. So, soaking them in water (further diluting) and giving it to plants is not going to accomplish much. If I wanted to do such a thing, I would use MANUREs that there is some juice to it.
JMO.