[Pumic]

It certainly Is, however If you're requesting a refund or replacement, the IMEI number may well be blacklisted hence render the phone useless.

Will a blacklisted IMEI basically 'brick' the iPhone, meaning that it can't even be powered on to connect to WiFi or play games? I know with Androids, you can root (jailbreak) the device and use apps to change your IMEI. If you can do the same with a jailbroken iPhone, you might be able to bypass the blacklist.

As for the actual SE, it is entirely possible and many people have done it before. Be creative and make sure you use a drop, as Apple will definitely bill you.