Sure. I cast bullets from recycled range lead. Bullets are free. Cases are picked up at the range. They are free. VV10B101 powder cost me $35/8lb. or $4.38/lb. from Jeff Bartlett. I use 10gr. of it per shot, so $.0006 or 6 tenths of a cent per shot. Primers I buy from Graf's for $85/5000 or $.017 each or 1.7 cents per shot. Total is 2.3 cents per shot. If I load it to its limit, I also use gas checks. They are $23/1000 or 2.3 cents per shot. That ups the cost to 4 cents per shot.
El Cheapo 22LR ammo at Wal-Mart is $18.97 for 525 rds, or 3.6 cents per shot. But that ammo isn't accurate enough for typical target use, so I buy something like the Eley midrange ammo for, say, $6 for 50 or 12 cents per shot. Not to mention the really good stuff I use for more demanding shooting like ARA benchrest, which is $14/50 or 28 cents per shot.
Of course this doesn't account for tax or shipping, nor do I cost out my time to make bullets since I don't get paid for that and it's a hobby. But you get the idea. Most of my small rifle and pistol shooting is now cheaper to do than 22LR shooting, though I do have to put the time into making the ammunition whereas I can just grab a box of 22LR and go play. Muzzle loaders are even better, I just have to make bullets for those and don't have any cartridge cases to fool with.
