Yes. Try Womble MPEG Video Wizard
The only caveat is that Womble saves to a program stream (MPEG-PS), not elementary streams. So you'll be saving to a .mpg file, and you'll have to re-demux in something like BatchDemux or TMPGEnc Plus (via MPEG Tools). Most MPEG editors are consumer apps, and elementary streams are not the typical input sources.
There's quite a few ways to do this, and quite a few programs, but I think you'll find Womble the most reliable. If nothing else, it tends to strip out non-video junk from streams. Other editors can leave junk, or even be confused by it. I remember wasting many hours on such nonsense years ago, before Womble software existed.
For free options, MPEG Streamclip may also be an option, for both Windows and Mac OS X.