Yes, this is possible, though it is generally just as easy to buy a cheap dvd player that can handle both PAL and NTSC. You can find which ones support this by looking at the dvd players at www.videohelp.com and click on the PAL/NTSC parameter in their search.
If that is not an option, you can convert PAL to NTSC with a commercial program called ConvertXtoDVD. Another one is Nero Vision, though I have never used it for this.
It is also possible to do this with free tools like FAVC or AVStoDVD though it is not their primary function. Use the HC encoder in these programs.