Yes, you can hike all the five villages in Cinque Terre. If you’re able and have the stamina to hike, then, do it! It’s worth it. It takes a day of hiking across these villages. You’ve got to wear proper hiking gear and take note of the sweltering heat in summer. Bring a bottle of water which you can refill or buy when arriving in every village.
Another option: If you can’t all of them, choose two or three villages you want to hike. You can choose any village as your starting point to hike.
Most of the photos below are taken from hiking Vernazza to Corniglia route. It took me almost two hours because I had feet blisters but should be an hour on regular pacing hike.