It's your pressure regulator(/reducing) valve (PRV)... For reducing high line pressure to something lower for your household plumbing (the set range on mine is from 50-75 psi).
If you're handy and not worried about screwing it up, probably. But if you screw it up, you're without water and paying a plumber to show up since it's on the main inlet.
I replaced mine a couple of years ago. Not too hard, but I needed pipe dope to get the threaded connections sealed up again. Also, mine was leaking for 10+ years and never got worse... But I don't think it was doing its job that entire time.
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