If you just saved the source of the pages it spits out, name them properly, and tweak links to point at new filenames, then yes. You'd have to make a template (if using something like MT) that is very stripped down, no RSS, no archives, no comments, no admin login link, and so on, since none of that would work from a static page. All those things are in the default templates.
It's awkward and dumb, but then again very few (if any) content management systems were designed with anything like static content output in mind. Wouldn't it be easier to just have a Dreamweaver project or whatever that you maintain and update? That's kind of what things like that exist for.
