Yes, you can. I have one on my C&W SIM:
Setting a SIM card lock (and why you want to) | Android Central
However, of course I was referring to the ability to unlock the phone to accept a SIM from other carriers. Verizon itself labels the item we were discussing "Disable SIM Card Lock". That's misleading itself, IMO, but why parse words? I think everyone so far knows what we're discussing in this thread.
Good grief. More word parsing. Simple troubleshooting will tell you that the problem either lies with the phone or the SIM. If indeed the phone was actually unlocked (no matter what message you got) and you followed the above procedure then the phone should work with a different SIM. Apparently it's not working. So either there is a problem with the SIM in this instance or the phone itself isn't really unlocked. I have no idea and, at this point, I don't really care. I was just trying to help you by providing another perspective from someone who has been able to use different SIMs.
And to that point, I just borrowed a co-worker's iPhone4 AT&T SIM. Popped it in the Dinc2, switched to GSM, et voila. Made a call to my desk phone, no problem.
Perhaps someone else can provide information more to your liking. Have a nice day.