Sure, it could happen. From HBO comes news that Matt has posted over in their forum about what Bungie hopes to do with the soundtrack for Halo:

Gotta give us some time to think about it first. At this point we're pretty confident it's going to happen; we just have to figure out what form it will take. I told Marty we should do a boxed set. :-) At the very least I'd like to have a bigger booklet than the last couple of soundtracks; I've offered to write it if necessary.

There are several new pieces of Halo Swag in development for the revitalized Bungie Store, and once we get those finalized and sent off to the manufacturing plant we will most likely turn our attention to the soundtrack. We'll try to get it out in time for Marty to win that new Game Music Grammy.

Back in 1998, Chance Thomas, then of Sierra On-Line led a petition to the National Academy of Recording Arts and Sciences (NARAS) to make music in video games eligible to win Grammy awards.

In 1999, NARAS added a Best Soundtrack Album category. The existing Best Song and Best Instrumental Composition categories were expanded in scope so that music from other kinds of works could be included. All three categories now include works from television, film, and other visual media . Games fall under other visual media . The downside, of course, is that means that game music is competing directly against albums from those other works, which makes the field pretty wide. But at least it's eligible... as long as it comes out this year, that is. Otherwise it'll have to wait for the '02 awards given out in early 2003.