If you are relatively untrained and "weak" you can do squats and deads 3x/week. Also, if you happen to have incredible recovery ability, you can do it also. Reg Park for example would do an enormous amount of heavy compound barbell exercises 3x/week, but he was obviously in the genetic elite by far. Try it and see how you handle it.
Reg Park also enjoyed his steroids.
You can certainly do deads, squats, dips, chins as your workout (for example). Your ability to recover will be determined by your own factors, more than anything. I'm with the others; try it, see what happens.