Yes, it’s possible, using the free downloadable software from Stanza. And the downloadable book is also free, as are tens of thousands of other books in the public domain. But is it as enjoyable to read long sections of text on that teensy screen as it would be to lie in bed, flipping pages?
Not having an iPhone, I can’t answer the question. But I’d love to hear about the experience from anyone who decides to try it.