Yes, it is possible. Max Gaming has already warmed to hosting something like this, at least for a test.
Start with some generic master server and chat server, and go from there, would be my inclination. Build or buy a good IRC service (unrealircd, for instance, freeware IRC server) and build a simple master server interface in parallel with that (or steal one, ala one of the half life open source master servers).
once you have the system working like you want it working, then you implement an IRC client in the game

But get a system working first. Till then, you launch the game from whatever the chat client is, with whatever command line params it needs to connect to whatever IP address.
That's how I would do it.
Someone, not too long ago, wrote a replacement master server for Descent 3. But they then disappeared and never (to my knowledge) released the source. It was java based, which is good, because it doesn't really matter what your service provider ultimately is, it had redundancy built into it (it was multinode), and it was pretty stable. If someone could find that guy (I have looked, with no success) and better yet, that code, we're halfway there.