Yes, what you described is absolutely possible. Modern Fortran has made the process simpler and standard across platforms by introducing the ISO_C_BINDING module, which can be used to pass information using the "C" standard (most languages will understand this).
If you're working with 64-bit code, the whole process is even easier still since the binary calling conventions are much more standardized and less cryptic than 32-bit calling standards on Windows. While the process isn't trivially simple, it isn't particularly complicated once you understand what is occurring.
Jeff Armstrong
Approximatrix, LLC