Yes. The developer previews of Lion could be made to run on Core Solo and Core Duo 32 bit processors by editing a simple file which removed the flag. Apple made the whole system 64 bit in later previews which thereby disabled that loophole. There is a download by a person who essentially stripped the 64 bit portions out and modified the developer preview 32 bit components to work with the retail Lion, however I do not recall the name of the project and it could never be updated with Software Update. With Snow Leopard even under 32 bit being such a refined operating system, I see little need to try and get Lion running...
EDIT: The project was called RoaringCore. Even the developer states that it is much better to use Snow Leopard for daily usage.