It is a possibility...yes. I am aware of Hoyt offering to retrofit some of the 2002 model bows with the new cams but am not sure whether the same could be done with a 2001 model. But, be aware, that you may have to change limbs as well as the cams and strings/cables. This could result in excessive cost...in which case you might be better off selling the 2001 model and just getting a 2003 model instead. Just my opinion though.

I would suggest calling Hoyt directly and asking for further clarification on this issue.