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Fiddler on the RUF
CNN has a story on an innovative transportation concept, a cross between a car and a train. It's an electric car which can also ride on elevated railways for long-distance, automated travel. The company website has some more information and pictures of their prototype.
Here's a picture of the working prototype. Pretty advanced stuff.
The short summary. Yes, it is possible using various techniques (flexible/segmented sections of monorail beam, beam replacement, etc.).
The page also explains that the "monorails can't switch" myth was due to a particularly bad and bulky implementation at Wuppertal, and that the myth has since been perpetuated by various shady sources such as Microsoft Encarta.