Yes. The trick is to write a RewriteRule that replaces one character (equals sign or ampersand) with a slash, and then use the "next" flag which restarts the rewrite process.
The following might be a good place to start:
RewriteRule ^/index.php - [chain]
RewriteRule ^(.*)[=&](.*)$ $1/$2 [next]
RewriteRule ^/index.php\? "/"
If I got this right, the first rule will do nothing, but only match if the path starts with "/index.php". The "chain" option means that the second rule won't run unless the first rule matches. The second rule will try to replace an = or & with a /, and if it succeeds, it will restart the entire rewriting process. The third rule, which will only be reached after all of the = and & have been replaced, will remove the "/index.php?" at the beginning.