My friend did an SMP at a satellite program of Georgetown (that works just like georgetown including linkage so it's only 10 students). For example, they interview 5 students (50% interview rate), take all the same classes, etc... I personally have no opinion on this but he was very upset when the program wasn't able to get his grades out immediately and currently he's looking at another year without medical school out of college. He did get interviews but was ultimately rejected. He went in with the mindset of getting in that very year. Now he's unsure of what to do.
So in answer to your question, yes it's definitely possible because my friend almost did it but it seems like you'd have to get very good SMP grades and have a decent application (minus the GPA) without it. This is probably why most SMPs recommend two years. Also, beware of Georgetown's deceptive stats. When they say 50% of students get into medical school the following year and 83% get in the year after, they're including DO schools (which was probably an option open to a majority of SMPers in the first place) and probably even Pod/Carribbean (DONT QUOTE ME ON THE LAST TWO, THAT'S MY GUESS). Call me snobby but I don't think a program that fails to get 17% of its applicants into atleast DO school after it's second year is very good. This is why I only recommend SMPs to applicants who have one problem and only one problem with their application: GPA. If they're low in some other category like the MCAT, retake! If you only have 100 hrs. of volunteering total, get some more! Also, clinical volunteering and shadowing are BOTH mandatory for the typical applicant. If you have no research, maybe look for some in a gap year. I see too many applicants resort to SMPs instead of retaking an MCAT or boosting their applications further.