Yes it is possible. I myself have been in a 1 year relationship
where half of the time he's somewhere in europe while I'm somewhere
in Australia. The good news is, we're getting engaged in February
and married at the end of the year.
I think being in a LDR requires alot of work. You must both have a
plan and try to stick to it. There's some issues that needs to be
solved early in the relationship, like who is going to who in the
end? do you have the time to communicate (communication is VERY
important in a relationship)? Do you trust this person enough? What
about funds? Do you guys share the same dreams? for the
future?
If you know each other by internet, it would be a little harder
since you must have alot of trust to move to someone you don't
exactly "know".
If you think that your relationship won't work, end it.. don't
waste your time. We only live once... =)