It's entirely possible, though I don't have a solid enough understanding of forms (or Win32 in general, for that matter) to be of much help. You probably have to pass a handle to the form to some wgl function. I know nehe uses win32 to get a window open for OpenGL, which is probably different from what you want to do, but the theory might be similar.

A quick google search yielded this, which might be of some help.

Good luck!