Yes. Create a new VM, then replace its empty VMDK descriptor with one pointing to your flat file.
RW <sectors> FLAT "VM-name-flat.vmdk" 0 Then rename new.vmdk to original-VM-name.vmdk . Use vmkfstools to convert the flat file into a standalone VMDK: flat vmdk recovery
Open the new new.vmdk in a text editor. Replace the RW line with: Yes. Create a new VM