Yes. Easily but not nicely.
a) build a COM. You can call a COM from both DTS and T-SQL (sp_OA* procedures)
b) build an executable and call it with parameters. Again DTS or T-SQL.
c) Build an extended stored proc.
etc (it goes worst with each scenario)
Wait for SQL 2005 if you can (another year is realistic). Or I would recommend going with a COM.