No you can not erase anything printed.
Yes, you can. Inkjet ink does not set permanently right away. Very light tones are especially easy to erase. I also often laser print 10-15% gray on card stock, and that is easily erasable.
Ever apply Silly Putty to the newspaper? Notice how much lighter the printed image is after you do that?
Ever erase things out of school texbooks and draw in your own details?
You most certainly can erase printed items.