Sure. If you have 1,000 precincts, and Paul carries a third of them by a lot while losing another third by a marginal amount and the other third by a lot, he could still win. It all depends on how the vote splits.
We kind of should hope for a strong third by Santorum in order to split the establishment vote.
Also, it is certain that we will carry a lion's share of the delegates, as evidenced by the precincts where Paul only got 1 out of 8 votes, but that one person became a delegate.
It is a math game, and that is why having an open count is important. Even if you lose a precinct, losing by having 8 votes while the others have 13 and 9 is a lot different from losing a precinct with 3 votes while the others have 16 and 11. A strong showing in a lost precinct compliments a good win in another.