Yeah, definitely possible. I use maya 2010 and 3ds max 2010 32-bit, but you can also use Blender although I haven't used that myself. Really, any program that can export into Havok (the engine the game uses).
It can be a bit tricky to get it set up right, but once it's done everything is pretty straight forward.
In addition to the 3d modelling program of your choice, you'll want to get 7.1 32bit version of havok content tools from this site: http://software.intel.com/sites/havok/en/