Hello Alessandro,
According to CME TME, it is possible in 4.1, see below:
If you upgrade to CME 4.1 (12.4(11)XJ - BU special for early adopters), you can have up to 8 party ad-hoc conferencing (8 participants in one conference call) and 32 party meet-me conferencing (32 parties in a conference that a conference initiator starts and others dial in). Both of these features were added with CME 4.1 - additionally CME 4.1 removes the need to have a t1 looped back into the router for meet-me conferencing to work.
If you have any questions, please post a reply back and I will answer it as I don't want incorrect information being passed out.
Regards,
Tony