URL Structure

I am trying to make my stores URL's more SEO friendly.
Currently in my URL the /store and /store/products is fixed and my actual categories and product titles get added to the fixed portion of the url. Example http://www.mysite.com/store/product/featured -products/product#1

Is it possible to make the URL dynamic so /store/products is dynamic to accurately display the click path. So store and product would be replaced by the category and product title?