You should be able to, but I think you'd need to book it through DVC. There is a $95 non-refundable fee to use the points for the cruise. Also, if you have a resale contract, you need to have purchased it before 3/21/11 in order to use those points for a cruise.
I agree that it is not a good use of points unless you have some expiring that you can't use--the point cost is extremely high for the value you get. (It's at least 100pts for a 3 nt Bahamas cruise in value season--only goes up higher from there. For our Northern European cruise in our 9C oceanview, it would cost us 400pts/person--we can spend a week in a 2 bedroom at BLT with 9 people for that amount!)