Oh, it's definitely possible, as the filetypes used are standard-compatible. The thing is, there is no automated extraction tool, so you will have to manually take all the textures, model files, scene files, put them in a vanilla install at appropriate folder paths, edit the vanilla tShips to have the new shipmodel showing up, test in-game, set up scripts or job files so that the NPCs use the new ship (if it isn't a replacement of an existing ship, ofc).
Oh, and if you do that, we would appreciate if you would keep the resulting shipmod to yourself - we don't encourage redistribution of XTC shipmodels outside of XTC. Note, you can get a lot of out shipmodels from Albion Prelude files though - Egosoft took a bunch of them, you can find them pretty easily - model filenames having XTC in their name and all . But afaik Egosoft also doesn't want/permit modders to distribute content taken directly from one game into another.