Assigning Object to Tag property

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.NET1.0

.NET3.5

C#

.NET

, +

I have a code like this..

class ABC
{
   public string Name, Phone; 

   public static IEnumerable<ABC> GetList()
   {
      List<ABC> foo = new List<ABC>();

      //Some COde here
      return foo; 
   }
}

Class A
{
   private void GetList()
   {
      IEnumerable<ABC> abc = ABC.GetList();
      foreach (ABC newitem in abc)
      {
         ListViewItem li = new ListViewItem();
         li.Text = newitem.Name;
         li.Tag = newitem; //<<<<<<<<<<<<< Is this Possible ??? 
         ListView1.Items.Add(li);
      }
   }
}

I want to know If I can assign an object to the Tag Property of ListViewItem ??
How come it be accessible outside since the object resides inside a function ??
Will it cause any problems in future ?? Memory and so.... :( Please Helpp :(