Yes, it is possible. Depending on what programming enviroment you are using, find one of the shipping examples that does analog input and one that does analog output, then splice them together. It should work ok.
Do a search at ni.com with these words +simultaneous +input +output. The top two results should help you out a lot, there's even an example program in LabVIEW you can use.
Let me know if you have any other questions.
Brian