Yes, it’s possible and you can find all the details at this page. Now, if that’s possible then I’m more than sure that the next thing we are going to see is Android running in an iPhone.
And You may be asking yourself why some people are trying to do something like that to an iPhone which is considered by many the best OS for Smartphones available in the market. The reality is that they do this because THEY CAN. To me, Android is the best thing made in Linux for Smart Phones but I also consider that at this moment it still too “green” to fully compete against Apple’s SO in the iPhone. But that’s just my opinion, what’s yours?
Note: I’m a proud owner of a T-Mobile G1.