Sure- it is a taxable event so consult a tax professional.  There are several benefits to conversions:

• Roth withdrawals will be tax and penalty free if you are at least 59 1/2 and the account is at least 5 years old.
• Roth money can continue to grow longer.  You won't be required to started withdrawals at age 70 1/2.
• Your heirs will have to take annual withdrawals, but they won't have to pay federal income tax on the money if the account's been open for at least five years.