Anything is possible, but is it worth the trouble?
But make sure you get the wiring harness and the computer to go along with the engine. Just mounting the engine is the easy part. Getting it wired will be tougher. you will have to get an expert to tell you if the transmission will work, or if you need to pull the Tacoma's tranny too. If so, you will probably need to have your drive shaft "adjusted" (shortened). You will have to also see if the Tacoma headers will fit. (I have a feeling you will need a custom set).
It's probably easier (and cheaper) to just drop in a nice little carburated Chevy 350 or a Ford 302 than to go that route, especially with the power gain you will get with the small block V8. Look for a conversion kit. There must be some out there because I've seen several Toyota trucks with Chevy power. If you really want to go wild, install an LS1.