A Bose-Einstein condensate loaded in a one-dimensional bichromatic optical lattice with constituent sublattices having incommensurate periods is considered. Using the rational approximations for the incommensurate periods, we show that below the mobility edge the localized states are distributed nearly homogeneously in the space and explore the versatility of such potentials. We show that superposition of symmetric and antisymmetric localized states can be used to simulate various physical dynamical regimes, known to occur in double-well and multiwell traps. As examples, we obtain an alternative realization of a bosonic Josephson junction, whose coherent oscillations display beatings or switching in the weakly nonlinear regime, and describe self-trapping and four-mode dynamics, mimicking coherent oscillations and self-trapping in four-well potentials. These phenomena can be observed for different pairs of modes, which are localized due to the interference rather than due to a confining trap. The results obtained using few-mode approximations are compared with the direct numerical simulations of the one-dimensional Gross-Pitaevskii equation. The localized states and the related dynamics are found to persist for long times even in the repulsive condensates. We also described bifurcations of the families of nonlinear modes, the symmetry breaking, and stable minigap solitons.