Well a yellow laser should be around 575-580 nm. Concurrently, mixture of green and red photons are also looks yellow. So can we call it as a laser or it will be just a high-powered yellow flash light?
I would say no. You can make a green or red laser from the medium described. Think about an argon ion laser - you can get a range of lasing colors by adjustiong the cavity length to the different emission lines of argon.
Mr. Kibrisli's question is, "is it possible to make a yellow laser ...". If we interpret the question as asking to make a laser that emits the spectral color yellow accompanied by a spectrum with a single spike at about 575nm, then using a red laser with wavelength at about 670nm and a green laser with wavelength at about 540nm would not work. The two lasers would show a spectrum with two peaks and would not possess the coherence of a true yellow laser. However, the human vision system would interpret the color as yellow in much the same way it interprets light combined from a red and green LED as yellow. So YES to your 'high powered yellow flashlight' characterization. Another view: your red + green = yellow laser would not excite a linear medium with a yellow resonance. Maybe that is a good test criterion for producing a yellow laser.