Yes. In the popup menu callback you can edit what appears in the Listbox using its handles and "string" property. The simpler would be to pre-define elements you want to display depending on the selection in the popup menu and then assign them as the "string" property of the Listbox.
Simple example (popupmenu callback):
switch(get(hObject,'Value')) % get current value selected in popup menu. I'm assuming numbers but it can be strings or else.
case 1
set(handles.Listbox,'String',StringArray1);
case 2
set(handles.Listbox,'String',StringArray2);
etc.
end
