I believe it's possible, but I wouldn't recommend it, since wine has its own configuration ideas that may not match your existing setup.
But you can run programs from an existing installation. All you need to do is mount the partion, cd into the program directory and run "wine program.exe" from there. I've even run programs myself over a samba share.
I doubt all programs will work this way, but many will. Since wine does, however, use its own registry instead of the Windows one, any program settings and whatnot that are recorded there in Windows will not be available in wine. This could also break some programs that require access to registration keys, for example. But you might be able to "reinstall" it through wine to get the program properly registered in wine. It really depends on the app. You'll just have to experiment to see what works.
Oh, and it IS possible to safely write to NTFS drives if you use the
captiveNTFS driver wrapper, instead of the Linux NTFS driver.