Yes it is. There are several ways that mostly depend on the version you are using Eclipse. But you can always install your own Eclipse locally. You can always use your own set of plugins downloaded in a separate directory. What platform are you working on? What version of Eclipse are you using?
Regarding Eclipse programming, I use the Java Developer's Guide for Eclipse (2nd edition (which still covers all current versions of v3. # Very well)). He has a good description of how to use a few configuration.
See Part I - Eclipse Environmental Management Chapter; section "Configuration management" (p. 191-195).
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