Harry,
It's certainly possible. I was doing it a few years back with a product called Exceed. The company that makes it is called Hummingbird.
http://www.unipress.com/hbird/exceed/
You'll pay a few nickels for it, but it's a great tool. I was able to remotely run an entire system across a network from my PC. And it wasn't just limited to shells. I could run any process on my PC that the system would run in it's X11 environment.
HTH