Is it possible to generate a multilingual SCORM package?

Depending on your LMS you could either produce a separate sco package for each language and assign depending on user language pref. You could for example offer the same sco module as options in various languages in Prime - giving the same skill points for completion of the course in any module. In some LMS' I think you could automate the selection of the language appropriate variant. 

You could also give the user upfront control and either load the language / captions into variable text  placeholders, or branch among multiple variations of the same content - though that would become both a huge file and a daunting problem with multiple quizzes. 

Many folks here have faced the same - esp. those in Europe and in companies which must support multiple languages. Hopefully others will chime in with some thoughts about their approach to this as well.

Not to my knowledge.