Yes.
Check out the book "the Seven Daughter of Eve" it traces back mitochondrial DNA (only traceable via females) to seven 'clan mothers', and eventually one woman dubbed as Mitochondrial Eve.
http://en.wikipedia.org/wiki/Mitochondrial_Eve
http://www.amazon.com/Seven-Daughters-Eve-Science-Ancestry/dp/0393020185
And some one else did another study that follows the Y chromosome (only traceable via males) back to Y-Chromosome Adam, that collaborates the above study. (What's funny is the guy that did this study was trying to *disprove* the Eve one).
http://en.wikipedia.org/wiki/Y-chromosomal_Adam
However, Y-Chromosome Adam lived much later than Mitochondrial Eve did, possibly 50,000 to 80,000 years later.
This isn't so far fetched you when factor in things like the Tabo event, which is said to have reduced humanity's breeding population to around 1000 - 10,000 about 69,000 - 77,000 years ago! http://en.wikipedia.org/wiki/Toba_catastrophe_theory