A fascinating blog post by Sean Trende at RealClearPolitics says yes, although the real answer is that the question is incoherent because of the way Alabama voted for its electors.
Meanwhile, according to Nate Silver there is currently a 5.4% chance that Mitt Romney will win the popular vote but lose the election this time around (see "scenario analysis" in right sidebar at link).
And Ross Douthat wonders whether, in such an event, the Electoral College could survive.
I wonder, on the other hand, whether the Electoral College could ever be killed.