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You have no direct control over search engine placement. You just control your own page's relevance.
"Relevance" is composed of two parts, page rank and keyword weighting. BOTH of them have many factors, some positive and some negative.
If your site was penalized, then someone at Google noticed that you had done something artificial to gain a high positive PR or KW. Now, to get un-penalized, you'll have to un-do that -- and your page will lose a lot of PR/KW.
In order to get back to where the page was before, you'll have to find somewhere else to get the equivalent boost -- and for most sites, there IS no legitimate way to do it.
Short answer: conceivably it is possible, practically speaking, it is very unlikely: and most people in your position looking for the quick buck will throw away the domain and start over on another domain, doing the same illegitimate things until Google notices that one ... then quick night flight to the next ISP and domain name.