The short answer is "yes", however I have to say that a lot depends on your technical abilities.   It's not an easy process of dropping some folders and files in and being finished. 

You'd have to combine many of the WordPress files such as "single.php", index.php, functions.php, style.css, etc…

Market is built as a standard WordPress theme, but it just includes some extra support files and folders for the shopping cart, and thumbnail operations.  Since it's built like this, you can edit it pretty much as much as any other theme.  You just need to make sure that when you start cutting stuff out, you don't cut out too much. 

You might be better off, starting with the Market theme, and then modifying and customizing it to look more how you'd like it.  If you do it this way, you can save along the way and if you break something — you can just revert back to the previous saved point.

As time goes on, we'll be condensing and separating the code that Market uses for it's functionality so that we can make it much easier to integrate into existing themes.