Yes - with .NET 4 you can quite easily - with .NET 3.5, it's possible, but more work.
In .NET 4, you could use file-less activation which allows you to define a logical URL in web.config - no more need for a *.svc file. But in this case, you cannot use the "old" URL with the *.svc file anymore (since there is no SVC file anymore).
<configuration>
<system.serviceModel>
<serviceHostingEnvironment>
<serviceActivations>
<add relativeAddress="this/here" service="IYourService"/>
</serviceActivations>
</serviceHostingEnvironment>
</system.serviceModel>
</configuration>
Read all about this and other new WCF 4 features at A Developer's Introduction to WCF 4
For .NET 3.5, there's only the way of rewriting your URL's - a rather thorny way to go - read more about it in the MSDN library or see Scott Guthrie's blog post on it.