If we are to believe the scientists then the answer is yes. Not only that, according to them the day when this may become possible is much closer than one may think.
Scientists have already succeeded in creating the building blocks of life i.e. the DNA virtually from dust. In fact you can order custom designed DNA’s from DNA 2.0!
In 2003 scientists managed to build a virus from scratch in 2 weeks.The details of the experiment is available at nature.com.
Back in October this year ( 2005 ) Nova Science broadcasted a wonderful documentary summarizing the ongoing efforts in creating Artificial Life. You can download the video from here.Those of you on dial-up can read the transcript here.
In case you are interested in the techniqual details you can check out this artcle byJack W. Szostak.
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