Macker - Yes, most likely the pump can be repaired. Your timing on this question was kind of uncanny. I have just been setting up my website to sell the repair parts for the Jabsco pumps. I rebuilt my own a few months ago. I am actually a mechanical design engineer for a company that makes all types of servo motors. I have a lot of connections from my job, so I was able to track down the necessary parts. Click on the website link in my signature and let me know if you see what you need. I am still working on my website to add a few more parts. I can also help you if you have questions about taking the motor apart.
Click on the link above for Jabsco repair parts, including bearings, o-rings, lip seals and many other ballast pump parts.