Sure, it is possible. Sound wave can be completely cancelled out by adding another wave of opposite phase and same frequency and amplitude. This is the working principle of noise cancellation found in high-end earphones.

A simple design would be to attach a microphone behind a speaker. When the microphone picks up noise, a control chip receives the signal created by the microphone, and after some calibrated time, controls speaker to send out sound in opposite phase to the incoming noise. The sound by speaker and noise cancels each other out, leaving a flat wave (a quiet environment along the direction of speaker).
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