Yes you can compile and run Brew MP application without an ARM compiler as long as you re just developing for the Brew MP Simulator
In order to run Brew MP applications on the simulator you will need a compiler that can generate X86 binaries. You can use Sourcery G++/X86 or Visual Studio/Express to do this.
To run the application on a device you will need an ARM compiler. You can use a GNU based compiler such as Sourcery G++ ARM compiler, a commercial ARM compiler, or any compatible ARM compiler for this purpose. But not all compilers are tested and supported.