Yes, let's say you have two tables: SALESPERSON and SALESREGION. A single sales person can be associated with more than one region, and vice-versa. Let's say that SALESPERSON has a non-composite primary key: salesperson_id (int,pk) and SALESREGION has the same: salesregion_id (int,pk).
Create another table called SALESPERSON_SALESREGION with two foreign key columns: salesperson_id (int) and salesregion_id (int). Create a composite primary key for this table that includes both columns.
Now, adding and removing relationships is as simple as adding and removing rows in the new table.
Some ORM frameworks like Entity Spaces, and I assume the new ADO.NET Entity Framework recognize this pattern and will create many-to-many structures in the generated entity data access layer.