Yes it is, but you need a pattern. One of Eunny Jang's cardigan patterns had a cable knit that way. It's the Tangled Yoke Cardigan from fall 2007 Interweave knits. You might be able to find a copy through your library, to give you an idea how she contructed it. Her blog eunnyknits had a couple of posts that explained her process in 'deconstructing' cables to knit them horizontally. You might search the patterns at Ravelry, specifying cable in the filter and horizontal as the keyword. It may be someone's already come up with a pattern.
sue- knitting heretic
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I'm sure the experts will chime in shortly. But I'd think the easiest way would be to knit the brim as a strip, then pick up stitches along the long edge to work the top in the round. There would be a little seam to join the short edges, but that can go to the back of the hat. Wish I had a better answer for you...