Yes you can, using scoped slot as described in the doc and provide a template.
For v-select you have two scoped slot :
selection: to describe howv-selectshould render items when selecteditem: to describe howv-selectshould render items when opened
It looks like this :
<v-select> // Don't forget your props
<template slot="selection" slot-scope="data">
<!-- HTML that describe how select should render selected items -->
{{ data.item.name }} - {{ data.item.description }}
</template>
<template slot="item" slot-scope="data">
<!-- HTML that describe how select should render items when the select is open -->
{{ data.item.name }} - {{ data.item.description }}
</template>
</v-select>
CodePen with a complex example
Vuetify Doc about Scoped Slot in V-Select
Edit for Vuetify 1.1.0+ : Those slots are also available with new components v-autocomplete and v-combobox as they inherit from v-select.
Edit for Vue 2.6+, replace :
slot="selection" slot-scope="data"byv-slot:selection="data"slot="item" slot-scope="data"byv-slot:item="data"