Yes, its possible.
Try "sample decode" from Media SDK sample set.
Note, that Media SDK works only with elementary streams (for example H264 video track as a binary file). If you want to read video from containers (AVI, MKV or MP4) you have to use some additional splitter (for example FFMPEG).
I believe by decompress you mean decoding a encoded bit stream like .h264 or .mpeg2 then you can use sample_decode to decode it to a yuv.
If you have a video in a container format like .avi or .mp4 please use ffmpeg or yamb tool to extract bit stream. Once you have a bit stream, use Media SDK to decode the bitstream.
Let me know if that doesn't answer your question and what kind of data you have.
Thanks for reply . From your comment I can assume that if the input Video is MJPEG or MPEG4, Media SDK can't decompress .
Plese correct me If I am wrong
I've just opened "sample_decode" source.
msdk_printf(MSDK_STRING("Usage: %s mpeg2|h264|h265|vc1|mvc|jpeg|vp8 -hevc_decoder_plugin ver -p PathToUserDecoderPlugin -i InputBitstream -o OutputYUVFile\n"), strAppName);
From source string above you can see that MJPEG compression is supported by MediaSDK. H264 part of MPEG4 is also supported.
I don't know about MSDK decoding abilities of other parts of MPEG4 (it's a question for Intel engineers), but in any case you can try to do it with "sample_decode".