Yes, it is.
Oh...you want to know how? ;D
Make sure you have the PBO of the object you want to use ready and in your addons folder (or anywhere really, but that's the best spot).
Go into WRPEdit, double-click LMB anywhere on the map.
Click browse, and in the new window that appears, click add.
Find your PBO, add it. Find the P3D file, select it and click OK.
Now setup the right height/angle you want, and click OK.
Done! (I'm sure this is all covered in another thread somewhere here....)