Theoritically, yes. It's a broad task and it's very time consuming. If you have the time, sure, it's possible. There are a lot of things that will not work, and how long you take to implement also depends on the source you're working as base. NR-Core is the most updated public source you will get (closest to production version).
With the available tutorials in this forum you will be able to do most of the work, adding the behaviors, items, enemies, etc. Even new classes, although you would have to code their abilities on the server side. Also some items may have new/different XML tags that NR-Core doesn't recognize and it won't start up.
So yeah, as I said it is possible although requires great amount of work.