If I am interpreting your post correctly are you saying that you have two physical servers participating in a windows cluster.

On each node you've a SQL server installation you plan to use with always on availability groups.

In addition to these standalone instances you are trying to install a 2 node SQL cluster on the same physical severs.

Is this correct? If so yes its possible but you will require local storage on each node to support the servers utilising always on, and shared storage presented which can be used for the failover SQL cluster.