Sure you can. There is an "embargo" option to keep your data invisible to the public until a specified date (or until the publication of your paper).

There is one problem with submitting but not releasing, though--you'll be able to put the accession in the manuscript, but the reviewers are not able to have a look at the data.  I'd also like to note that although the SRA submission process can be cumbersome, the NCBI folks are immensely helpful and responsive!  

The best way to submit data is through GEO. Once you submit it, you receive an accession number that you can include in your manuscript. You can make the record private and then change it to public when your paper has been published.

You can create a link for reviewers even if the data is private. Here is some information about it:  http://www.ncbi.nlm.nih.gov/geo/info/faq.html#revieweraccess

Here is some information about submitting to GEO: http://www.ncbi.nlm.nih.gov/geo/info/seq.html