Well, it's possible. I just installed my aux-in today, sounds really great.
You might want to get
this for your Ipod.
For me, I got
thisinstead since I have a iRiver and I won't be getting a Ipod anytime soon(don't like them).
Here are the installation instructions.
http://www.beaufordbuddy.com/ipod_install_1.htm
You can also pass it through to your centre console.