The short answer is no, unless you want to pay ATF $200 and do some paperwork to be legal. The law says that a pistol can be made into a rifle, but a rifle can't be made into a pistol without going through the hassle above.

If you're really set on doing it, you'll need two copies of ATF "Form 1, Application to Make and Register", along with passport photos, fingerprint cards, certificate of compliance, and a chief law enforcement officer who is willing to sign the paperwork. You'll have to mail the completed forms, photos, $200, etc. to the ATF and wait a few months. When they send back the approved form with canceled tax stamp affixed, you can legally chop the barrel to the length you specified on the form and put the barreled action in a pistol stock.

The National Firearms Act of 1934, along with the Gun Control Act of 1968 are suggested reading if you plan to modify firearms much and would like to remain legal.