Yes, there are several ways to do it ...

You can look at the aspx for the Login module and do some modifications with styles. You can also use the Language Editor to change the text. You could probably create a specialized login module (at least the ascx code) if you want to make major modifications to the look and feel. I'd say make a second one rather than replace what is there.

You could also use DataSprings Dynamic Login module. It's quite flexible, and you'll probably save quite a bit of time, effort and money if you can configure that module to accomplish what you need.

You can also use Javascript to dynamically alter the module.

If you take a look at Freedomyears.com, you'll see one approach. It uses the DataSprings module and some Javascript to achieve the look that you see. If I remember, I think that it has some of the stock text changed as well.