yes. The form has the values, and when submitted, you'll have access to a variable $POST that is an array with all the values. Just use $POST to access the variables and update the database.
$query = mysql_query("UPDATE your_table SET fname='" . $_POST['fname'] . "' WHERE id='" . $_GET['id'] . "'");
I used $_GET['id'] to grab the id of the record you're updating. What you'd have to do is in your form, have something like
$row = mysql_fetch_array($select_query);
echo "<form method='post' action='process.php?id=" . $row["id"] . "'>";
// rest of form here
to get the id field out of the database and pass it in the url so you can access it on process.php
Cgraz