It's even OK to practice putting and chipping on Hole 8, for example, while waiting to play Hole 9 (just make sure nobody is trying to play up to Hole 8!). You can also putt and chip balls on any tee box.
You may not practice bunker shots or shots from any other hazards. And of course, you are never allowed to play practice strokes during the play of a hole, or to hit 3-irons, for example, while waiting between holes.
Even putting and chipping are prohibited when practicing those shots would delay play (but, then, good etiquette should keep you from doing that anyway).
For more, consult Rule 7-2.
