I don't know how you are determining your level of usage, but yes, it's likely that you could use your lighting when the dryer is off. You can't really just total up your breakers to determine the connected load. For instance, my house has a 42-circuit 200 amp main load center which is full of 15-30 amp single pole breakers, as well as a large selection of double pole breakers ranging from 30 to 100 amps. If you totaled everything up, I would probably need a 600 amp main to handle it all. The actual usage factor on each circuit is extremely low to non-existent.
I was just countin the amount of power on the individual breakers. I get your point though, thanks for your help.
What Rives is referring to is power factor. This is the relationship between the rated ampacity of a conductor (feeder wire) and how much load you actually draw at full load.
You have incorrectly used the term "power factor" here. Although the definition of power factor refers to "real power" vs "apparent power", it has nothing to do with how heavily loaded a given circuit is. What they are referring to is the inability of a standard wattmeter to accurately read the usage on an installation with either a leading or lagging power factor. Reactive loads (heavily inductive or capacitive loads) distort the relationship between voltage and current - at unity, or 100% power factor, these two components overlay each other if you look at the sine wave for A-C. Reactive loads make these two components separate, and the difference between them becomes waste heat.
A standard wattmeter fails to bill the consumer for this waste heat, and it becomes a burden on the utility - they have to provide the power wasted, but they don't get compensated for it. Industrial installations have additional equipment to meter the power factor, and they then have to pay a penalty for this "hidden" usage. Reactive loads are such a small component in residential installations that they don't bother metering it, although I think the new smart meters are capable of measuring it.
http://en.wikipedia.org/wiki/Power_factor