Yeah it's possible, but you need to install a terminal server on your machine in order to tie everything together once the other machine boots. I use LTSP here, which works great once you get it set up. If you're interested in that, you can check out the guide I wrote on how to set it up in order to make your own Folding@Home farm.http://forums.amd.com/index.php?showtopic=53542
If linux isn't your thing, there's other ways to go about it like some kind of LiveCD that NewbieFarmer linked to. It's not quite the same thing as booting via PXE, but it'll get you a usable workstation all the same.
Do not meddle in the affairs of archers, for they are subtle and quick to anger.