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It is possible if the handset does not have a SIM lock. If you "bought" a handset with the most common deals then it probably has a SIM lock which is meant to stop you from using other providers.
If you bought a SIM lock free handset then you can swap SIM cards in and out to your heart's content. This is a pain in the arse though and you might damage the handset or the SIM cards if you are not careful. You can buy a handset that has more than one SIM slot though...
...you can also "unlock" a SIM locked handset but that can be a bit dodgy - from what I can gather it is just a firmware flush and re-install though. (Google => unlock SIM)
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