Hi,
to answer your question, yup, theoretically this is indeed possible and practically such technology is used every day :)
The interesting thing, in my opinion, is that the Java converters typically convert by taking the bytecode, not the source code. Then it's, say, bytecode-to-ObjectiveC source code. For some converters (at least one opensource one) it's bytecode-to-XML then XML-to-target-language.
For example, the Uniwar application for the iPhone, which has been acclaimed by all and made its way to the appStore's top ten, as been written in Java (JME) and automatically converted from the Java bytecode. Reaching the top ten, even for a few days, means that this is deployed on a lot of machines ;)
In the Real-World [TM], Cobol-Java and, weirdly, Java-Cobol are not unheard of.
For all this to work that said you need a really good converter :)