Possibly. Hydrocephalus is caused by a blockage in cerebrospinal fluid flow. Depending on exactly where the blockage is, it might be amenable to an endoscopic 3rd ventriculostomy, where a small hole is punctured in the floor of the third ventricle to relieve the blockage. No external shunt is needed in these cases. If the blockage is in the wrong area however, this will not work.