Of course! Just use the ALTER TABLE... syntax.

Example

ALTER TABLE YourTable
  ADD Foo INT NULL /*Adds a new int column existing rows will be 
                     given a NULL value for the new column*/

Or

ALTER TABLE YourTable
  ADD Bar INT NOT NULL DEFAULT(0) /*Adds a new int column existing rows will
                                    be given the value zero*/

In SQL Server 2008 the first one is a metadata only change. The second will update all rows.

In SQL Server 2012+ Enterprise edition the second one is a metadata only change too.