Yeah, it can happen. I was on T for 8 months, and while I haven't noticed an adam's apple per se, I have noticed that my larynx is thicker. I think it all depends on genetics... plus, your own body makeup, fat, etc, will determine whether or not an adam's apple is visible. Plenty of guys have adam's apples that no one can see... and no one judges whether or not you're a guy by whether they can see a lump on your neck.
SD