Yes! There are a few ways.
DTS is one popular (and easy) way. You can set up a DTS package to import the spreadsheet, and then you can run that one time, repeatedly, or even on a scheduled basis as a job.
You can also use an Excel link in a Select statement. In fact, there is an on-going thread today about exactly that, so maybe you'd like to read it: thread183-267681
Because you can use a Select, that also means you can do an Insert Into, with the Select statement as the source.