You can wade in whatever boot fits over your waders comfortably. That being said, the rubber compound of most hiking boots is much harder than the rubber soles of Simms and Patagonia wading boots so they won't grip the rocks as well, not that I've had that much luck with the sticky rubber wading boots--I actually hate the things. The wading boots do drain much better and I suspect your feet will feel very heavy if you are wearing regular hiking boots as they aren't designed to drain.
I still like the felt soles or the studded felt soles for boots I wade in. They are far less likely to have you doing a fish dance in the middle of the river and often taking a swim.
Prices for these run the range of mild to wild. I haven't found the more expensive models to appreciably outwear the cheaper models. The main thing is "fit". Nothing is more uncomfortable than fishing with your toes jammed onto a pair of ill * boots, or having your feet slip all around in grossly loose boots. I've found a rough rule of thumb is to order boots at least one size larger than my street shoe size unless you're at a half size, then you'll be 1 1/2 sizes larger--ie 9.5 would probably fit best in a size 11.
There are some good buys on Allen boots through Sierra Trading Post now. Be aware these run small. I tried on several pairs in store in Boise Idaho at their outlet store. I usually would wear a size 10 wading boot, as that what I wear in a Simms or Patagonia boot. In these I'd take an 11.
If I were going to get only one pair of boots, they'd be a felt soled boot. I've busted my tail far fewer times with these. I'd also recommend getting a ski pole or some other type of wading pole--these can also double as a hiking staff in a pinch.
............Or you can always use a poor mans boot and barge cement outdoor carpet to a set of hiking shoes--just don't expect good drainage.
"Should you cast your fly into a branch overhead or into a bush behind you, or miss a fish striking, or lose him,or slip into a hole up to your armpits-keep your temper; above all things don't swear, for he that swears will catch no fish."