Definitely- I was just thinking about whether and how this would be possible the other day- it's like gps on a micro scale.

For those of you who've read joshua foer's 'moonwalking with einstein' about memory competition and memory palaces, I thought this could be a great platform to create an app that builds and maps memory palaces out of your own physical spaces (like your house, friend's houses, office, etc) and uses the maps it creates to train your memory (so you too can memorize the order of two decks of cards in five minutes).