Yes. Create a new VM, then replace its empty VMDK descriptor with one pointing to your flat file.
vmkfstools -c <size> -a lsilogic /vmfs/volumes/datastore/VM-name/new.vmdk Example: -c 40G for a 40GB disk. flat vmdk recovery
Open the new new.vmdk in a text editor. Replace the RW line with: Yes. Create a new VM