Absolutely. One could even make a decent claim that (barring some truly ancient hardware between input, CPU, and monitor / audio circuits) it's impossible.

It's surprising how much latency a human will tolerate without notice, however.

>One could even make a decent claim that (barring some truly ancient hardware between input, CPU, and monitor / audio circuits) it's impossible.

I think that's only if we ignore monitor refresh rates. Most of us are maxed at 60 FPS which with a lot of hand waving is equivalent to ~17 ms latency. It's relatively easy to get a network with latency better than that. If you can achieve the rendering + data round trip in under 17 ms you're going to be functionally equivalent to a local computer.