If you are using the standard localization framework then the answer is no, because all the localization files are looked up in the res folder at runtime. And to update the res folder, you need to update the apk.
The only possible way to do what you want is by coding your own localization framework, which, intuitively, should not be too hard. (Your have a function that searches for a string in a file, and the file is determined by the language). The bad thing is that you would need to set all the strings on your user interface objects programmatically.