Is it possible to be an audiophile and be happy with what you have

I dunno. Went from constantly looking to tweak and upgrade to basically staying the same for the past couple of years or so ... mostly due to time/money constraints. Somewhere in the process I went from listening to my equipment to listening to music. Now I sometimes find myself thinking "boy, that sounds pretty damn good" - even though I haven't changed or upgraded anything. (Replacing burned out tube doesn't count :-) 

No. No way. Besides, happiness is an abstraction that I hope I will never reach. Process is really more important. Listening to music is a process too, and good equipment helps big time. But I try not to give in to obsessive upgrading all the time, including in my mind.
As I am sure many others I too find the source, the recording/mastering, to almost always be the weakest link, and that's something that I can do nothing about. Most of what I listen to was not recorded/mastered well, but sometimes not too bad. But I do hunt for the best sounding pressings, so in some cases I have original US, original UK, original Japanese, early Japanese reissue and maybe also original Dutch and German. I don't listen to classical jazz or classical music, though I do like some neo-classical albums that are all in digital. You could try The Umbersun by Elend. So dark.
Anyway, returning to the original question, with reasonably good recording my system sounds acceptable to me. Well, it's only entry-level $15k set-up with three source components.

OP-
much will be dependent upon how one approaches building the system.
Start out on a lower scale and move up the chain. Or, start at the top of the chain.

Life is that which ever must surpass itself!

Yes. It's taken about 15 years of experimenting and a lot of time, money and negotiating with my wife, but my system is awesome. I often have goose bumps and am almost moved to tears at the sounds coming from it. I consider my setup a proper 2 channel system, listen mostly to vinyl for serious listening and although I bought almost everything used here on Agon, all new it would retail for close to 100k. I think my passion, dedication over 15 years and investment qualify me as an "audiophile"