In theory, yes. I have implemented a way. The CPU allows it, the OS isn't directly but there's a workaround.
It is based on jumping around a long mode compatibility segment. In x64 there are "64-bit" segments which execute 64-bit code and "compatibility" segments that execute 32-bit code. While the GDT structure that contains that is only accessible from kernel mode, in Windows there's a preloaded 0x23 segment which can be jumped to if you know the way.
You also have to patch the Import Table but not with the normal GetProcAddress etc since this function will return 64-bit pointers (since you are running a x64 app) while you need to patch a 32-bit loaded library.
The code here demonstrates all that theory. My Code Project article explains it in detail and my generic Intel Assembly Manual explains the x64 internals. In the code in the above link I am creating a 32 bit DLL and loading it into the x64 process.
In practise, it doesnt work yet with win32 Dlls and even if it ever works I wouldn't use in production code. I am still working in it.
However x86 dlls are now dead. When I originally created my audio sequencer, for example, there were plenty of x86-only plugins where now almost everyhing ships (perhaps exclusively) as x64.
It's just for experimenting nowadays.