Yes, its possible.
If you're using a USB DAC that runs in bulk transfer mode, a low latency wireless USB hub may be your answer. Isochronous USB devices may not work very well with most wireless adapters. There are also other USB extension technologies, if you want to explore them (most are bandwidth-limited, however).
If you're using an SPDIF DAC, check out the Audioengine D2 (or other similar wireless spdif products).