Yes. Using an asterisk server and the correct modem card.
There are other standalone devices to do this as well. I believe some Obi devices have this capability. An SPA3102 can do this as well. -- If someone refers to herself / himself as a "guru", they probably aren't.
3102 known to have echo problems in this scenario. Obi 110 virtually flawless in matching digital to analog lines. Cisco recommends manually changing settings which are not even present in the Obi device. Of course, both of these are stand-alone devices with a bit of cabling involved.