I believe it would be doable, but we should forget about today beefy webpages: a p2p web would probably be made of fast text searching and slow binary (big images, pdf, audio/video media, etc.) delayed access, for example a fast main page not unlike HN main page with very small thumbnails, but all other media links would point to p2p (torrent?) magnet files. And of course the whole "active web" thing has to be ditched in favor of extremely lightweight protocols that take into account the loss of almost everything realtime.