Yes, it's possible. :D
here are my steps:
i)-> 1st of all build the ndk as per
cygwin_installation_and_configuration.pdf
ii) put in AndroidManifest.xml target android version 8 (not 4 which
is the default)
ii) build with ant (run all 3 from the command line, in this order):
ant package -> this one copies some res files (you can see what it
does in the build.xml for target package)
ant release
ant debug
iii) go in eclipse and add the project now. It should work just fine.
Ensure you have java 6.
iv) - OPTIONAL: if you want to run the ant from eclipse, when you
load the build.xml there will be an warning/error. Ignore it, it's
because it uses setup which creates the release and debug targets
automatically. Simply ignore the error and select the package task and
it will work.
Note: set your JAVA_HOME, and also PATH (put java, sdk tools, sdk
platform tools).
Good luck.