Yes, it is possible for Whitman to turn HP around, because it is always possible for a company to turn around if they have a vision. Lego is a great example of this. They went from being nearly bankrupt to being the largest toy company in the world. The same can happen for HP.
No, it's not possible for someone like Whitman to turn HP around because he's never been at the helm of something that's innovative. That's exactly what HP needs. Or they need, at the very least, something that's really creative and trendy like the iPod. That's the only thing that will save the declining company.
I don't believe that Meg Whitman will be successful at turning HP around. The company has been dropped from the Dow Jones Industrial Average last year as the company has continued to slide into decline. The changing landscape of technology has made the traditional desktop PC less sustainable as mobile devices have instead soared in demand resulting in a loss of market share for HP.
I believe HP is stuck where it is, it has a small market share and it will continue to have a small market share. I have my doubts there is much Whitman can do to change that future. HP has always under performed and they're known for selling old technology far after updates. People like to stay up to date, not be behind right from the beginning.