Yes, it is possible. Due to the wonderful nature of iframes, you CAN publish your blog on your site, without using RSS or Atom (or similar). I've provided a sample code here, and if you want to see it in action, go to the blog page on my site.
Hope this helps some of you.
This is a direct copy of the code on my site, with ONLY the blog name changed:
<iframe src="http://www.your-blog.com" height="500" width="700">If you can see this, your
browser doesn't understand IFRAME. However, you can still reach the
blog by &lt;a&gt;clicking here&lt;/a&gt;

</iframe>
Pete