Although criminals obviously don�t value or honour all of society's rule and norms, most have some rules, or type of internal code that they adhere to. Criminal behaviour does not necessitate a complete lack of conscience.
Psychopaths however have a specific emotional deficit, and are limited to a very narrow range of emotions. They know the difference between what society considers �right� and �wrong,� but do not experience, and cannot empathise with, the feelings of suffering, remorse, elation and love that are part of being human. Without that �little internal voice� we call conscience, psychopaths feel free to do whatever their needs and wants dictate, and their transgressions do not result in feelings of guilt.
There have been numerous, intensive programs designed to rehabilitate jailed psychopaths but none of these has yet proven to be effective. In fact in many cases, therapy can even help psychopaths hone their manipulative skills.
In many respects criminal recidivism is very high, in that many offenders will re-offend. Since psychopaths are indifferent to the threat of physical pain and punishment in general, there is little to deter the psychopath from committing criminal acts again and again.
As a pr�cis then, I very much believe it can be done, but it is very difficulty and potentially even though rehabilitation/coaching may achieve some results, it is probably not worth the risk of release.