Yes, an Amazon Elastic Compute Cloud (EC2) instance can be launched with specified private IP addresses. This is made possible by Amazon Virtual Private Cloud (VPC), which enables users to launch Amazon EC2 instances into a virtual network that they define. With VPC, users can specify the IP address range of their virtual network and can launch Amazon EC2 instances with private IP addresses within that range.

When launching an EC2 instance in a VPC, users can select the subnet in which they want the instance to be launched. Each subnet is associated with a specific IP address range, and instances launched within that subnet are assigned an IP address from that range. By selecting the appropriate subnet, users can ensure that their EC2 instance is assigned a specific private IP address.

In addition to allowing users to specify private IP addresses for their EC2 instances, VPC also provides a range of features for managing network traffic, including the ability to create security groups and network access control lists (ACLs) to control inbound and outbound traffic.

Overall, Amazon VPC makes it easy for users to launch EC2 instances with specified private IP addresses and to manage their network traffic in a secure and efficient manner.