Yes, it's just a matter of compiling the source code in a Hurd environment, that's all there is to it. Now, avenj has already pointed out that in practice it's probably less trivial than in theory, but Debian for example has been offering their Hurd distribution for quite a while already, and it contains pretty much the same applications you'd use in Linux. A few things will simply not work, though, there's no support for PCMCIA, for example, so you better forget about running it on your laptop...
Wanted to add a quick "me, too" here.

Very interested in giving it a go on one of the spare hosts around the house.