The answer is no.
Without infinite space, any program must eventually either terminate or start cycling through the same states. Think of "state" as the value of all the memory bytes - including the instruction pointer and everything else - written as a single huge number). A computer is basically a big DFA. If you have 256 bits of state, your program can perform at most 2^256 steps before it starts cycling.
If you are cycling, you are not calculating PI, because it is transcendental.