It's possible but only after deleting the partition tables off the disk using the disk utility from the recovery CD. If you don't do that part, and you just "erase" the partition. It still leaves the PGPWDE boot code on the drive and will fail to boot.
I would try a recovery image from our support site for the version of PGP that was installed on the Mac before you reinstalled the OS.
Click here for Recovery Images for download