Yes. If you go to th electric forum and do a search on conversions or go to E-Zone
http://www.ezonemag.com/
and do a search you will get some specifics as to motor (brand, size, etc ), ESC size and battery size along with any specifics for mounting.
I can suggest a Towerpro 3520 motor, 60 amp ESC and a 4S lipo (3500 + mah ). I know that will power the Rascal nicely and give it performance ABOUT equal to a 2 stroke 52 - 60.
Conversions are NOT CHEAP. Figure around $300 + The battery is going to cost AT LEAST $100, ESC AT LEAST $50 and about $50 for the motor, not to mention the battery charger for a lipo, a cell balancer and possibly a programming card for the ESC (optional ).