Yes, it is possible to exchange Bitcoin for PayPal. There are a few things to keep in mind when doing so, however. First, it is important to remember that PayPal is not a direct bitcoin exchange. This means that you will need to find a reputable third-party service to handle the transaction for you.
Secondly, PayPal does not currently support the direct purchase of bitcoins, meaning you will need to find a service that offers this option as well. Finally, keep in mind that the fees associated with this type of transaction can be relatively high.