If your host supports wildcard DNS entries, yes: you can use mod_rewrite on the subdomain part:
RewriteCond %{HTTP_HOST} ^([^\.]*)\.example\.com [NC]
RewriteRule (.*) virtualsubdomains/%1/$1 [L,QSA]
...or something like. I've done this before, but I don't have it in front of me.
Something to consider is that, if your CMS can't even re-map urls to work on a single domain, then this sort of rewriting might cause you grief as well.
*however, if they don't support subdomains, I wouldn't expect them to support widlcard DNS entries.