You will not believe how hard it is for me to resist the urge to answer with a simple 'yes' (well you only asked if it was possible, not how to do it, so technically...)
Drop this into the worksheet module and you're good to go.
VBA Code:
Private Sub Worksheet_BeforeDoubleClick(ByVal Target As Range, Cancel As Boolean)
If Target.Row = 1 Or Target.Column > 1 Then Exit Sub
Cancel = True
Application.Dialogs(xlDialogFormulaReplace).Show
End Sub
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