Yes, you can use SAVIHost to do this.
You will need to generate a VST DLL first. Then put the Savihost.exe into the same directory as your DLL. Then change the name of the Savihost.exe file to the name of your VST. So if your VST is called Instrument.dll, you need to change the name of the SAVIHost.exe to Instrument.exe. It will then work as a stand alone instrument.
It works really well.
Be sure to donate a few ££ to the author.