yes , it's possible. but, if you get a right feeling of the lyrics, as you may think , you should know what word is empowered. roughly seeing the lyric, eventually 'the window' is decorated by '널 볼 수 있는 내 방의' so , the second is not good. the first traslation is better than the second.

"널 볼 수 있는 내 방의 window". This is a noun phrase. The noun "window(창)" is modified by "너를 볼 수 있는 나의 방의" The word, "너를 볼 수 있는 나의 방(my room where can see you)" is rather awkward and not logical. How can the room see something or someone? It's impossible, you know. Therefore, 너를 볼 수 있는, 나의 방의 창. The word group "(내가) 너를 볼 수 있는" modifies the noun, 창, and the word group "나의 방의" also modifies the noun, 창. What kind of window? (내가) 널/너를 볼 수 있는 창, 내/나의 방의 창. So, The phrase, "너를 볼 수 있는, 나의 방의 창" means "the window of my room, of which I am able to see/watch you".