Well yes. You could do it in multiple ways. One of which is by changing the class of the cell on mouse over and mouse out.
<style>
<!---
.cellNormal {
background-color:#ff0000;
color:#000000;
}
.cellHover {
background-color:#000000;
color:#ff0000;
}
--->
</style>
<script language="javascript" type="text/javascript">
function Rollover(TheCell){
TheCell.className = 'cellHover'
}
function Rollout(TheCell){
TheCell.className = 'cellNormal'
}
</script>
<table>
<tr>
<td id="cell1" onMouseOver="Rollover(cell1)" onMouseOut="Rollout(cell1)">Cell1</td>
<td id="cell2" onMouseOver="Rollover(cell2)" onMouseOut="Rollout(cell2)">Cell2</td>
</tr>
<tr>
<td id="cell3" onMouseOver="Rollover(cell3)" onMouseOut="Rollout(cell3)">Cell3</td>
<td id="cell4" onMouseOver="Rollover(cell4)" onMouseOut="Rollout(cell4)">Cell4</td>
</tr>
</table>
All you do is specify the class names for the roll over and roll out events in their respective javascript functions. Make sure when you are using the onMouse events that you have the correct id.