yes, and it is fairly easy. Note that it will only work in modern browsers though.
The exact list, if I remember them all from my dusty brain are: IE5+, Netscape 7+, Mozilla 1.1+, AOL and Compuserve. Also note the visitor must have Flash Player 6.0 or higher as well.
in your HTML page, open it in notepad or similar.
find your OBJECT tag and add:
<param name="wmode" value="transparent">
Then, find the EMBED tag and add:
wmode="transparent"
That should do it.