Yes, it is.
Assume a Picturebox named "pbxBigCat" (load it with a pPicture ...)
Add this lines to your form:
    public const int WM_NCLBUTTONDOWN = 0xA1;
    public const int HT_CAPTION = 0x2;
    [DllImportAttribute("user32.dll")]
    public static extern int SendMessage(IntPtr hWnd, int Msg, int wParam, int lParam);
    [DllImportAttribute("user32.dll")]
    public static extern bool ReleaseCapture();
And then write an eventhandler for the pbxBigCat MouseDown event:
    private void pbxBigCat_MouseDown(object sender, MouseEventArgs e)
    {
        if (e.Button == MouseButtons.Left)
        {
            ReleaseCapture();
            SendMessage(pbxBigCat.Handle, WM_NCLBUTTONDOWN, HT_CAPTION, 0);
        }
    }
If you test it you will se it works. For more Information (like saving positions etc.) I refere to Make a borderless form movable?
Another possibility to do this (now we have a Label called label1)
public partial class Form1 : Form
{
    private bool mouseDown;
    private Point lastLocation;
    public Form1()
    {
        InitializeComponent();
    }
    private void pbxBigCat_MouseDown(object sender, MouseEventArgs e)
    {
        if (e.Button == MouseButtons.Left)
        {
            mouseDown = true;
            lastLocation = e.Location;
        }
    }
    private void pbxBigCat_MouseMove(object sender, MouseEventArgs e)
    {
        if (mouseDown)
        {
            pbxBigCat.Location = new Point((pbxBigCat.Location.X - lastLocation.X + e.X), (pbxBigCat.Location.Y - lastLocation.Y) + e.Y);
            label1.Text = pbxBigCat.Location.X.ToString() + "/" + pbxBigCat.Location.Y.ToString();
        }
    }
    private void pbxBigCat_MouseUp(object sender, MouseEventArgs e)
    {
        mouseDown = false;
    }
}
Everything drawn from the example on the mentioned SO article.