sure, it's possible. When the user clicks the opengl context you should be able to get back a x, y location where they clicked. It's then a matter of just doing your projection math backwards to find out what part of the scene they clicked.
You can also render the entire scene to a back buffer with each button set as a different color, then do a glReadPixels from this back buffer at the location of the click. The color value returned is the button they clicked.
And here's an example with a even faster method: http://www.lighthouse3d.com/opengl/picking/
There you only draw the picking buffer when the user clicks the mouse, and only for the single pixel they clicked.
Note: not all of these methods may work with OpenGL ES....so you'll have to pick the one that's right for you.
As a side note, this is also how many FPS games accomplish hit detection.