Sure it is possible, but how depends on what format the songs are in and which tools you are willing to use. A few that come to mind include Audacity (free), MP3 Trimmer (free to try but nagware (delay screens before certain functions if you are not registered), and Sound Studio are three that come immediately to mind.
Lately I have been using MP3 Trimmer a lot since my whole library is in MP3 format. MP3 Trimmer has the one great advantage of allowing you to trim MP3s without having to reencode them again, so no quality loss.
I trim the files then drag and drop the new versions back into iTunes then delete the old version out of iTunes. I use it a lot for those annoying "hidden tracks" on CDs where track #10 will be a 12 minute track with the first 3 minutes the actual song, then 7 minutes of annoying silence, then the "hidden track". I use MP3 trimmer to break it into two separate (and much less drive space than the original) tracks.
Patrick