Yes it is. You can do this through the Windows Host file. The hosts file is generally named "hosts" and its location varies with the type of operating system in use. For Windows XP and Vista you can find it in c:\"your_windows_directory"\system32\drivers\etc\.
You can use this file to redirect your computer via the domain name to the new server by using the following format in the hosts file:
You will need to use the IP address that was sent to you in your hosting activation e-mail. If you need to access your web site on the old server then you will need to remove this entry.