Yep (http://msdn.microsoft.com/en-us/library/bb510680.aspx), but be careful. Could cause issues with active queries.
answered Oct 12 '09 at 01:27 PM
Steve Jones - Editor ♦♦
And remember that after you change the compatibility level of the db you should update the statistics.
answered Oct 15 '09 at 08:56 AM
Grant Fritchey ♦♦