Yes, it's called a track stand. (For fun, dig up the thread called "I Hate Everybody" in the FG/SS forum.)

Very useful bike handling skill for a commuter, like riding one- or no-handed, bunnyhopping, making an emergency 90 deg. turn.

Some people say it's easier on a fixed gear, but I actually can do it a lot easier on a geared bike than my fixie. I come to a stop, put my pedals at 3 and 9 o'clock, hold the front brake and ratchet the pedals up against the counter-force of the brake. Some people find it easier to do it on a slight incline so you can scoot back and forth against the hill. Give it a try, it's fun!

(Oh, and if you're using clipless pedals, you might want to clip one foot out, just in case you lose your balance.)