Yes, with sqlite3 CLI.
Note that this bypasses some protocol checks, for example it does not ensure that the DB is up-to-date.
Examples
Select top 10 holders of all Counterparty-issued assets:
SELECT COUNT(*) AS address, asset FROM balances GROUP BY asset HAVING count(*) > 100
Select number of transactions of particular asset (XXXX) in the past week:
SELECT * FROM order_matches INNER JOIN blocks ON order_matches.block_index = blocks.block_index WHERE asset='XXXX' AND block_time > 'timestamp_7_days_ago'