Not really. Not without remodeling the screen area inside of your gameboy. You're much better off buying a kit for it, they come with a panel with LED's already neatly housed inside.

What about a DMG, and using an LED to light the display up. Would that work?

I don't think you can easily use a single led for getting a frontlight, I've tried myself soldering a led on some wire to a 5V port on the GB, and when it's too close to the screen the led doesn't give any useful light (I think you need a special screen available in frontlight kits for achieving this). So I ended up buying this kind of product instead:

it's far from being perfect, but at least it helps in dim places. (I was pissed off to discover the link port on DMG is bigger than the one on GBC so you can't use this everywhere)

I do have some LEDs laying around from a canakit purchase some months back, and i'm wondering if it's possible to hook one single LED up as a frontlight for a gameboy color.

Is it possible?

And if so, how would i go about doing it?

Thanks,

~Paige