Yes, and in fact, it's more likely than you'd think. Many people breed Pokémon they have transferred from other games, such as Cyndaquil, to get shinies or perfect IVs. The ones that don't turn out perfectly they Wonder Trade, since they have no use for them and others probably will. I have already received a Cyndaquil, a Chimchar, and an Oshawott, to name a few.
A few things to keep in mind:
- Eggs cannot be traded.
- Pokémon with the Classic Ribbon (which mostly means event legendaries) can't be traded either.
- Just as a warning, you will probably get crappy Pokémon 90% of the time, due to many selfish people who want to basically get something from nothing.
So to answer your question, yes, it's possible.