Technically, this is possible so why not try this yourself!
Can you imagine an Android application without any configurable options? Although this is possible. Actually, only the simplest application can get by without any configuration. Configuration is essential for the most of Android applications. But in what way are these applications being configured?
Android provides a standard way to configure an application using SharedPreferences and PreferenceScreen. Check out my hands-on guide to using these things and implementation of custom Preference screen.