Well the answer is "yes, but..."

First what you want is displacement not bump. Depending on how your bump map is made it might or might not give you good results for displacement. This also depends on the application. 

If you have a suitable bump map you can use many of the higher end 3D apps to"bake" the displacement  into geometery. I use Vue Infinite for this purpose. Some things to keep in mind: 

• You will typlically end up with very high polygon counts depending on the amount of detail.  In Vue one can control this to some degree.

• The polygon flow/topology will be usually quite bad. This can make UV mapping difficult and if you want to rig the figure you will need to redo the mesh most likely.

Ciao

TD