Yes this is possible.
You can obtain a XM radio that transmitts the signal thru a FM adaptor(XM unit plugs into radio antenna cable). The only item that is visible is a small handheld or remote mounted control unit.
I use the XM Commander and it is a 2 piece unit, the main unit is mounted in a location that is hidden from view and it has a cable to the control unit.
http://www.xmradio.com/commander/index.xmc
Also, I have not used the FM portion of my headunit since the car was new. I plan on removal of the ugly FM antenna and i will mount the ultra low profile XM antenna in it's location.
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