yes it's possible, but you're really talking about cloning your drive. There are cloning utilities such as "X-clone" or "Hard drve copy" which can do the job.
After the hard drive has been cloned over to the new drive, you need to power down the computer and remove the source drive. Once the source drive is removed you'll need to jumper the new drive to make it master, then go into the BIOS and setup the proper parameters for the hard drive as master. You'll need to reboot one more time with a boot disk utility and make the partition on the drive active, so that it will boot.