Yes, often done so.
More or less 1 hrs. per way.
TIt is the highest cable car whithin a southamerican city, where you ascend almost 800 meters (2640 ft.) in 8-16 minutes! It is an altitude shock if you arrive from sea level (not recommended to do), but espectacular after one or two nights in Quito. Great views, over the city and mountain ranges in the distance.
Hiking, sightseeing. It is an activity for half a day, since you might have to make a line to get there.
TQuito, Otavalo, Cotopaxi Park Area, Lasso.T
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