yes, it can be legalized, but you have to pay the fine according to its year of manufacture, if its more than 10yrs old, the duties+taxes & fine will be much more than the vehicle price itself, so its better to buy a CP vehicle, rather being adventurous;), because if you are new to this, & also not doing it through a proper channel, your NCP vehicle will be lifted, your are trapped! trust me,
or if you want to legalize your NCP car, the excise department announces a scheme to legalize the NCP vehicles from time to time, you must avail that facility
OR
Use proper channel