Yes, it is quite possible. You just need to be careful with the types. Many translate very nicely but some are quirky.
The name of the concept you're searching for is COM interop. See here for a getting started tutorial. Of course, the MFC DLL has to support COM to be accessible from .NET. You need to rebuild your MFC DLLs with the proper COM interfaces supported.
Here is an MSDN overview of COM Automation complete with links to sample projects.
And here is a simple but to-the-point CodeProject sample that demonstrates exactly how COM DLLs can be used from within .NET assemblies.
Great pinvoke reference here. For accessing native Win32 APIs as well.
Edit: Another Idea
In case you cannot rebuild your MFC DLLs (you don't have the source or the right version of the IDE) you can create a COM "wrapper" DLL in MFC or raw C/C++ which would import the MFC DLLs in the standard, pre-COM manner and then expose the objects and methods that you need.