You would have to exploit (JTAG/SMC) or RGH the console first. The JTAG/SMC hack has more reliable booting, though the R-JTAG (a RGH version for fats) supposedly has close to JTAG boot times. If it's a Xenon, definitely go with the JTAG/SMC hack as I don't believe the R-JTAG is supported yet on that model.
So, to answer your question: yes, it can work, but not before the console is modified.