apply template to XSL text contents?

 Hi All,
I have a document which has the following structure

<doc>
<navigation version="1.0" >
    <nav-element page="Home Page" fileName="default" displayOrder="0"/>
</navigation>
<page version="1.0"  displayOrder="0" id="1" name="Home Page" pageType="DEFAULT">
<![CDATA[
    <h2>The Company</h2>
    <p>This is some default text to show you what your site may look like</p>
    <p>
            You can customise the contents of your site in the next few steps<a href="test1">one</a> <a href='test2' >two</a>
    </p>
    <p>
        <a href="three" >three</a>
    </p>
    ]]>
</page>
</doc>


Will it be possible to apply a template to the text contents of <page></page> node, to  manipulate the HTML tags inside it?

Thanks,
Dharshana