Technically, yes. Though it sounds quite exhausting. Book Bangkok Airways BKK-USM, just short of an hour flying time. This is your only air option, as Bangkok Airways own the airport on Koh Samui and run a monopoly on flights. Arriving in Koh Samui, get a boat from Bo Phut to Had Rin, the southernmost beach on Koh Phangan and the site of the Full Moon party. Boatride is 45 mins and about 120 baht one-way. From Koh Samui to the Bo Phut pier is about 10 mins in a shared taxi, around 50-100 baht per person. Also, there are plenty other boat options, to other parts of Koh Phangan. You can always get a taxi on the island wherever you arrive.

You might have troule getting accomodation for one night only, especially in Had Rin, as many of the places require several nights around the Full Moon dates. Anyhow, you should book your accomodation in advance, as the island fills up for the parties. Of course, you will probably not sleep much, but it will be considerate to fellow travellers to have a shower after the party

Flights: http://www.bangkokair.com/

Remeber to enroll in PG's Flyerbonus scheme ^