Indeed, that is quite possible. Assuming you already have the table, insert plain double quotes either side of it and your mergefield (from the Insert Merge Field dropdown) followed by '= "CA" ' before the leading double quote. You should have something like:
«Opportunity_State»= "CA" "table"
Select all of that and press Ctrl-F9. You should now have
{ «Opportunity_State»= "CA" "table" }
Simply type 'IF' inside the opening brace, thus:
{IF«Opportunity_State»= "CA" "table" }
and you're ready to go.
Note the space after the '=' in the field construction; it's essential.

__________________
Cheers,
Paul Edstein
[Fmr MS MVP - Word]