Heck yes it is possible

I've heard people call it dream chaining, or DEILD (Dream Exit Initiated Lucid Dream):
http://www.dreamviews.com/community/...ad.php?t=62769

I'm normally able to do it when sleeping in on a lazy sunday morning. Whenever I manage to do it, I can get dozens of brief lucids back to back. They are not very satisfying, and don't last long enough to do much. Still, it makes for some cool dreamlets, watching your hypnagogia become real over and over again.