Anything can be done, but is it worth it to you? As Wyosmith said, you can have a barrel installed, but the price will be several times more than just buying another rifle to replace it. If there were military barrels available for under $100, you would still be looking at $200 minimum by the time you get the old barrel unscrewed, new barrel screwed in, headspaced, and sights reinstalled. A new barrel, installed properly and reblued, would run $300 for even a cheap barrel just due to the labor to install it. You would also have to do some major modifications to the trigger in order to wind up with something other than an expensive clunker. If you decided to mount a scope, the cost would be even more.
That is not to say you shouldn't do it, just be aware before going into it that it will likely not be a cheap job. Don't get me wrong, I have built my share of project rifles for people that just made me shake my head and ask "Why??", but it's your rifle, you can do what you please with it. I restocked and rebarreled a Carcano to 35 Remington about 30 years ago, and it ran close to$500 in 1984 dollars. Sure, the owner could have bought a dozen Carcanos for that price, or even a couple of Remington 700s, but he wanted a Carcano in 35 Rem and said the cost would not stop him, so we did it.
Good luck with your project!