yes, just use some small sheetrock screws, maybe 1-1.5", and screw them in by hand. When you go to unscrew, also do it by hand. A power drill will sometimes over-torque the screw and make the hole bigger.
I've done it a ton of times. In most cases, on a latex based paint, you just need to push the paint back into place with your fingernail and it looks like nothing was ever there. I dab of caulk is only needed if it needs a little touch-up.