Depends on what you man by "victory". If you mean, "drive Israel into the sea", then, no. As other posters have noted, that was simply beyond Arab military capability at the time. OTOH, it might have been possible for them to do well enough that they retain Sinai, the Golan Heights, and the West Bank. The Arabs would have done better, but Israel would still have given them black eyes in '67, and in '73, and would still retain its 1966 borders, perhaps with the addtion of Gaza.
This would mean that there is no Israeli occupation of the West Bank, which will keep world opinion as solidly pro-Israeli as it was in the '60s. Moreover, there would be less Arab support for the Palestinian cause. OTL, Jordan was lukewarm to the Palestinians for many years, because Palestinian refugees were viewed as a divisive element. In this event, the Camp David Accords of 1977 might well have included Jordan, with some kind of treaty with Syria following in a few years. Essentially, everybody would get to keep their 1966 borders, and the idea of a Palestinian state would never have come up. With many fewer Arab friends, the PLO pretty much folds up in the late '70s, and the Arab-Israeli conflict is over.
There might still be an Iranian revolution, and therefore Islamic fundamentalism would still exist. However, the secular Arab nationalisms would be both opposed to the Islamists, and also, having settled their quarrel with Israel, pro-Washington. After all, better the Americans than the Godless Communists. This could give the Gulf War of 1980-1988 a very different character, if Iraq is joined by other Arab nations. While this would probably not produce the collpase of Iran, it might lead to a postwar Iraq that was not desperate for ways to pay its war-debts.
And that means no Gulf War in 1991, no American troops in Saudi Arabia, and no Al Qaeda......