Can I say something like
Er kommt bei mir vorbei und um.
to mean "he comes by my house and dies", thus expressing the verbs
umkommen by using
kommen only once?
Yes. It's actually a rhetorical device named Zeugma. A few examples:
To add to the other answer... it doesn't always have to be playing with the language.
It is done a lot. The wit comes in whenever the meaning of the basic verb is switched by one prefix.