Yes the process you are saying is absolutely possible
$$\gamma + \gamma \rightarrow e^+ +e^-$$
Is a lowest order process that can occur in QED, since it involves two vertex, and as you know the QED respects time reversal or t-parity the process
$$ e^+ +e^- → γ +γ$$ must be time reversal.
EDIT:
the process may be interpreted as a incoming photon giving a positron and an electron and one of them absorbing another photon for momentum corrections in that case one of the fermion will become a propagator.
Just hold your screen upside down (reverse time direction) and you'll see the process just replace the $e^-$ and $e^+$ accordingly.
For more details refer to
Chapter 9 of Lahiri & Pal A first book of Quantum Field Theory