It is possible and often done. The best way to do it though would be to grip the rotor in a way that both sides can be machined without removing it from the lathe before its done. It will have to be set-up and aligned with a dial indicator from the inside faces of the hub.
Possible wrong rotors???
Normally it means to bring it back to factory specs. An example would be to machine brake rotors. They would pretty much cut the rotors with a machine to get them back to factory specs.
Brake Lathe.
If you are wondering whether it is possible to replace one's own brake rotors or not because you drive an older vehicle that need brake rotors replaced, then the answer is no.
depending on the material you can machine them true again
Your rotors are warped. You need new brake pads and the rotors turned at a machine shop or replaced.
they have to pressed out from a machine shop.
Almost all Auto Parts stores and machine shops resurface rotors and brake drums.
Your rotors are warped. You will need to remove the pads and rotors and take the rotors to a machine shop and have them turned. Then install new pads. Make sure you torque the lug nuts to factory specs. Over-tightening the lug nuts can warp the rotors.
1. Raise the car 2. Remove wheels 3. Remove brake caliper assembly 4. Remove rotors 5. Bring them to machine shop or brake inspection station where they will use the machine to reface them.
Remove the rotors and take them to a machine shop for inspection. If there is not much damage they can be turned.
You do not rotate rotors. Replace a bad rotor or have it machined if possible. Never rotate them to another wheel location.