Yes, it is! And it's that easy to do!
Some people knows, some people don't. But it is possible to restore (or undelete) a document library if a user has deleted it (WSS 3.0 and/or MOSS 2007 only).
During a course last month the teacher told me that only documents can be restored, but that's not true. If you delete the document library, it still remain in the recycle bin. Just go to the recycle bin and restore the document library. If originally available, the version history is still intact.