Given that Carmack, who developed all the doom and quake engines is the "Chief Technology Officer", and that many games are already supporting them, the answer is definitely yes, it's possible.
Actually having a game support the occulus rift is not so difficult, it just has to render the viewscene twice from a slightly different perspective. It is more of a novelty from the purely hardware point of view (no pun intended).
Quake 3 has already been (and is still being) thoroughly hacked with to support different kind of 3D/VR systems - including the Occulus Rift! :
http://www.mtbs3d.com/phpbb/viewtopic.php?f=140&t=16637http://ioquake3.org/2008/05/04/stereosc ... -ioquake3/ (old school 3d glasses

)
TL;DR = Possible : definitely yes. Likely? Send a cheque to coroner

EDIT: Shitty screenshot but it illustrates well what the game engine does to display 3D scenes with "VR" glasses :
http://i.imgur.com/8QYDFx3.jpg