Can a single college course section be taught by two professors? For example, having half of the lessons taught by one professor, and the other half of the lessons taught by another professor.

If this isn't possible, why isn't it possible?  Can you provide any links to further information on how it's done (e.g. dividing the compensation)?
For several years I taught a doctoral level course with a colleague. We were both always present for every class. Each of us took a different "perspective" with the material. One of us would take the lead at any given moment and the other would comment as he felt inclined. Students could ask either of us questions at any time. 

The course was very broad, but, generally speaking, centered on Agile Software Development, both its technical and managerial aspects. It was a bit broader than that implies, actually.

We were both salaried, as is typical in US, and each of us got "full credit" for a course taught. The course was considered important enough by the university that the pay issue was basically ignored. 

Not every university would be willing to ignore pay issues, of course, and, I suspect, no university would make a general practice of it for many courses. Few would, anyway.