Possible but not as good as when you interact directly with people (in my view).
Direct feedback with teachers is far better than a lot of email exchanges, or than videoconference.
Spending a lot of time with other students on the same projects, in the same room and everyday at the university give you the opportunity to know their personality, and how they work. A lot better than doing a project in common with Internet.
You also have more opportunities to meet people from other horizons (i.e. non geeks).
