Oldnamvet's experience shows what can be done, but may apply only in that one case. Most .22 LR barrels are fairly soft steel, since they are intended for lead bullets at fairly low velocity. They will soon shoot out if fired very much with high velocity jacketed bullets. Also, many .22 LR rifles were not made to handle .22 Magnum pressures, not to mention that the .22 Magnum won't fit in .22 LR magazines.
(The TC contender barrels are all made of the same steel, so one in .22 LR could be rechambered to .22 Hornet if the firing pin adjustment is available.)
As we know, Ruger made a convertible revolver with two cylinders; the barrel size was correct for .22 Magnum. There have been reports that the .22 LR is not accurate, but the ones I tried seemed as accurate as the normal .22 LR guns.
Jim