Anything is possible. After all, it's just ones and zeroes.
You can perform remote application sharing in a variety of ways. You can use something along the lines of
VNC to execute programs that reside on a remote machine.
You can run the applications remotely by simply connecting over a share (not all apps support this due to DLL and other dependancies like the registry).
You can map a drive letter to a share on the remote machine and install the software to that drive...thereby eliminating some of the dependancies above.
You can use the RDP protocol that is inherant to W2K and XP.
The best method will depend on what exactly it is you wish to accomplish. If you want sound and nifty graphics, you will not want to use products such as VNC or RDP. If you can provide more details as to exactly what you want to do people on the forums can better help you.