I'm sure it's possible and probably wouldn't even be to complicated for someone familiar with the whole LJ system. I started a LJ several years ago and haven't used it much in well over a year since I started my personal site and discovered b2 and later on WordPress. It would just be neat if I could import all of my old LJ entries so that I would have my entire blogging career centralized in my database.
My apologies if I missed this thread somewhere, but I don't recall ever hearing about it being requested and a couple of searches turned up nothing. Just another idea!