Yes it is possible.
That said, for other than very minor edits, you better have another disk drive available, same make, size, and model as your system drive, and an external drive copier that does not need a computer to clone a drive. That is
CLONE, a drive, not backup or copy it. You need something that will boot. That way you can swap the cloned drive into the computer, boot up, and start over. I recommend you pull out the Boot Drive and clone it before diving into the registry for other than looking around.
The real problem arises because the Registry structural details are not readily available, if at all. It is a tree-structured data base scattered across several (4 or 5?) files. I have 6 different books on the Registry and still can't track down many of the cross-links. Some links are in Binary and some in Plain Text.
One current problem I've run into is: How to have a particular filetype associate with a particular program. There seems to be a chain of references/links at least 3 elements long that are involved. For instance to get your Editor to open a .LTR filetype, you may have to uninstall then reinstall the Editor, and all the Editor presets you have customized. This was broken by a disk crash 4 or 5 months ago.
For complex changes that are not likely to crash the system or make it unbootable, I save the pertinent registry entries to a text file ('export' command), make a copy of the file, and edit the copy. Then print both files and the
next day read and compare the two print-outs. If/when all looks good, the edited file is imported to the registry and tested. If no joy, I can import the saved original and start over.
An useful example file to add a command to a right-click on a directory is at:
https://www.sevenforums.com/tutorials/47415-open-command-window-here-administrator.html
Have Fun Learning!
Tom
p.s. don't try to print the whole registry, many lines are longer than the paper and you can easily go thru a case of paper! also, the binary links are not printed.