Yes, it is. First, Maxim makes thee MAX9814, a single-chip electret microphone preamp with traditional volume limiting built-in, and Adafruit sells a module based on it.
But for true dynamic range compression, go here:
http://thatcorp.com/Analog_Engine_Dynamics_Processor_ICs.shtml
A simple volume limiter is very different from a true dynamic range compressor. A DRC delivers significantly better audio with way fewer compression artifacts and noise pumping, but it is a more complicated design. Look at the 4315. THAT has a ton of app notes that explain everything, and you can use their app circuits part for part as an excellent starting point.
Analog Devices makes the SSM2167, an equivalent all-in-one part. It is less configurable than a THAT design, but might be all you need to get started.