Yup, it is. There are guides all over the place. Dual booting with Windows can be more tricky but is entirely doable and there are plenty of guides for that too.
http://www.redmondpie.com/how-to-install-os-x-mountain-lion-hackintosh-on-a-pc-tutorial/
If you check to see which PC hardware is most compatible with a hackintosh setup you're less likely to run into problems.
I was looking into getting a mac so I could code iPhone/iPad apps, but decided set up a hackintosh instead to save money. I was able to install xcode and have since made a game I put up on the app store. Works pretty much like a real mac.
Thanks a lot for this. Could come in handy in the future.