Yes it is, I did mine in the driveway.
The differential is on the driver side of the oil pan, by the way. The disconnect is on the passenger side, and is a common wear item due to a poor design. Seems they need rebuilt every 100k miles or so.
I spent only around 60 bucks for all the inner guts I replaced on my disconnect. I did all the bearings, both inner and outer seals, and all new thrust washers. Rest of the stuff (gears, sleeve, shift fork) were all OK and reusable. I did end up busting the inner housing however and spent another $100 on a replacement, which wasn't fun, but I was one of the unlucky ones that had that issue. Not everyone does, but be aware it might happen.
A brand new disconnect costs $325 from Amazon
ATP 111001 Front Axle Disconnect : Amazon.com : Automotive
Benefit of this is less hassle and mess of rebuilding, less time, and also if you do bust the inner housing it doesn't really matter anyway. That said, I tend to be the one to do the cheapest route even if it does take longer, in most cases.