Yes, it is possible to make a Sheitel from your own hair. According to most Poskim (Jewish legal authorities), making a Sheitel even out of your own hair is permitted. The Pri Magadim, a commentary on the Shulchan Aruch, permits the use of a Sheitel, and the Mishna Berurah states that it is indicative in the language of the Pri Magadim that he permits the use of one's own hair in the manufacture of it as well.