Yes, it is possible to replace a wrap area on an existing cue with a "wood wrap" . . . depending on the cue and the wood selected this can be either a straight forward operation or a real challenge - either way not inexpensive . . . expect price to start at $200.
pfd
I have done it, but will only do it again on a cue I have made. It requires a refinish of the whole cue once the wrap is done. As Paul stated, not cheap to do.
Here is the one I did.
http://forums.azbilliards.com/showthread.php?t=427775
Dave
That was really well done.