It is, if you have a fairly modern system.
Go to click here and use the compatability advisor first - this will tell you if you need to have upgraded hardware or software.
As a general rule, it is better to load an OS with a minimum of peripherals attached. Once everything is loaded and working, then plug in the peripherals, one at a time.
XP allows you to keep your current OS intact, so that you can roll back to it if you really want to. I doubt that you will.