Yes it is, but it's not easy at all. You should find someone that has done it before, or have better than average tool skills, and a couple tools.
Assuming you have a replacement board from the same batch the original wood came from, or at least the same color and size and configuration (meaning the tongue and grooves.
If it's glued down to a wood floor it's easier on the tools, but probably harder to get up.
One way is to take a skill saw and make a cut (or two) down the middle of the affected board (this is where it's easier if the sub floor is wood).
You then need to take a chisel and try to chip it out. Because the circular saw blade can not cut all the way to the ends, you will have to split it with the chisel.
If you have a router, it is faster and easier.
YOu want to get the affected board out without damaging the surrounding boards. This may be VERY difficult, depending on how is was glued together.
Is the boards were not glued on the tongue and grooves, you gain many points.
Once you get the board out, you will need to trim the new board to as close to the exact length as you can get. You will need to cut the bottom half of the groove off the new board (so instead of looking like a =, it will look like a backwards 7 or -). This will allow you to insert the tongue on the new board into the groove of the old board, and slip the new board down into the space where you took the old board out. The cut out bottom of the groove allows it to slip down. You will also have to cut of the tongues at the ends of the boards so the new one will drop in.
You will need to use epoxy and glue the crap out of it to get it to stay, since the T&G's are not really doing their jobs.
If you have a wood sub floor, and an air nailer, you can shoot a couple small brads in to secure the new piece and use touch up stick to hide the nails.
Hope this helps.