Yes you can! but you need to follow the directions!!!
Follow the “one third, one third and one third” rule. That means that the mixture you use should include equal parts of hydrogen peroxide, water and Listerine. If you feel unsure of your mixing ability, you can use a product called Peroxyl that contains a safe amount of hydrogen peroxide.
There are no bad effects that can occur if you dilute it appropriately. If it’s not diluted properly, you can create tooth sensitivity and blanche your gums, although the negative effects typically don’t last very long. As for the rumor that rinsing with hydrogen peroxide can cause cancer, that’s not true! and it’s not a known carcinogen.