It is possible. Using a program like
SOTI Pocket Controller, you can control just about every aspect of your phone on your touch screen. There are freeware alternatives out there too, but I can't remember what they are off the top of my head. I know I have seen them mentioned in the software forum here at ppcgeeks.
EDIT: Here's a Freeware alternative -
MyMobiler
Edit2: You can also use Microsoft's free ActiveSync Remote Desktop -
LINK