The answer is yes - assuming that it is acually the radiator that is the prolem this can be replaced easily.
1) Make sure that the valves at both sides of the radiator are fully closed.
2) undo the collar nut on one side of the radiator to alow the water to drain from the radiator - making sure you have something to collect the water, underneath.
3) open the bleed valve to enable the water to flow from the radiator.
4) once the water has drained completely, you can then un-do the collar nut on the other valve - making sure that any water drains safely.
5) lift the radiator off the wall mounting brackets - as you lift it you should ensure that any remaining water (probably very dirty water) drains safely.
6) you should purchase a replacement radiator of the same size at your loical DIY store.
7) install the new radiator as above - the brakets for the new radiator will be supplied with it and you may need to fit these in place of the old ones.
8) you will need to remove the old valve fittings so you can attach the old valves to the new radiator - for this you will need to buy a valve wrench - and some PTFE tape.
9) you will also need to install a bleed valve and stop end, which will be supplied with the new radiator.
10) Make sure all joints are sealed and tight....
Once installed, open the valves and allow the water to "bleed" through bleed valve - good luck.
Robert Welsh, May 2008