Yes it's possible.

You do it by carefully keeping the camera as stedy as you can.

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The aim of an argument or discussion should not be victory, but progress.
Joseph Joubert, essayist (1754-1824)

It depends on what you're looking for. If you want an unshaky picture, then it's best to use a dolly and tripod set to eye height if you aren't interested in steady cam. If you are and you don't want to buy/rent one, I used this one. It's not perfect but you can't beat the price. It steadies the picture enough.

http://www-2.cs.cmu.edu/?johnny/steadycam/

If you don't care if it's a little shaky then hand held is best. Keep your knees loose and bent and start the shot farther back then where you want to come into it to make for a smooth edit.

Be ye strong therefore, and let not your hands be weak: for your work shall be rewarded. - 2 Chronicles 15:7

"Accept that some days you are the pigeon and some days you are the statue" - David Brent

Yes it's possible. Firstly what exactly is the nature of the pov shot, is it walking, driving etc,
It is perfecly acceptable to shoot awalking pov handheld, shoot on a fairly wide focal length so that the wobbles are kept less noticable, a track and dolly will be much smoother than even a steadicam, but you would need to hire gear and a grip is expensive.
A good improve method is to sit or kneel in a wheelchair and operate hand held.
If it's driving shoot out of a moving car, motorbike, whatever.