Yes, it is possible.
For example:
crypto map TEST local-address Loopback0
crypto map TEST 10 ipsec-isakmp
set peer 192.168.1.1
set transform-set myset
match address 100
!
interface Loopback0
ip address 10.1.1.1 255.255.255.255
interface GigabitEthernet0/1
ip address 172.16.1.1 255.255.255.0
duplex auto
speed auto
crypto map TEST
And on the remote side, the peer will be the loopback address, which is 10.1.1.1
Reference:
http://www.cisco.com/univercd/cc/td/doc/product/software/ios124/124tcr/tsec_r/sec_c3ht.htm#wp1264087
Let me know if it helps.
Regards,
Arul