Yes, it is possible but Amazon does not help you with this. I use this on Neocamera.
Once registered with all the Amazon programs of your choice you need to use each of them to create the banners you need.
It is easiest if you use categories (Electronics, Books, DVDs, etc) instead of products (BBC Earth, Lord of the Rings DVD, etc) because there is more chances of having something that matches on multiple sites.
Categories do not always exist though, for example one Amazon will put cameras in the Photo category and another will put it in Electronics. Also, MP3s and Downloads only exist in some places.
Put the generated banners somewhere such as database along with the country code. Each time a visitor arrives on your site use a Geolocation API (Downloaded a PHP one) to get the user's country code and query for a banner that matches.
If there is no match, you can show nothing, show your preferred one (Amazon US actually ships some products internationally but not most) or backill from another affiliate program that works everything, such as a software download or online service.