Yes! You can use the geocoding api for this. Take a look at
http://code.google.com/intl/en/apis/maps/documentation/geocoding/#ReverseGeocoding.
For example you could do the following:
// call geoencoding api with param json for output
$geoCodeURL = "
http://maps.googleapis.com/maps/api/geocode/json?
latlng=$lat,$lng&sensor=false";
$result = json_decode(file_get_contents($geoCodeURL), true);
print_r($result);
Now you will find all data received by the api call in the $address
array and you can simple select the relevant data you want to store in
your database.
Instead of JSON you can also retrieve the results in XML (replace json
by xml in the URL shown above).