Yes it would be

router1#config t

router1#(config)#router bgp -------- whatever AS number goes here

router1#(config-router)#neighbor 192.168.55.5 remote-as ---------whatever the remote AS number goes here

router1#(config-router)#neighbor 192.168.55.5 password ----------whatever the password you want goes here

router1#(config-router)#exit

Note this could cause a little more time in BGP message passing but should not affect IP packet processing. It could also cause a little higher CPU overhead in your peer routers.

Mike