No a fresh install on a blank HDD is not possible using the upgrade media, read the windows 8 installation FAQ. For that you will need a retail version or system builder version probably which is currently not available for purchase.

You will need to have a valid windows XP or upwards OS version already installed as a base to start the upgrade process.

At the very beginning of the upgrade process you can select something like a clean install or custom install option (not sure of the exact wording), where by you can format/re-partition your HDD and do a clean install.