No, but there's homebrew like Swiss that will let you boot backups from a SD card - although compatibility on it is kinda bad, the most popular games work well.
The only way to boot Swiss is with a burned Disc on a console modded with a modchip, or booting it with a SD media launcher disc succesfully "softmodding" the GC without any modifications. You'll also need a SD Gecko that goes in the Memory Card port to get the GC to read your SD cards.