No you cannot, it may work but it would be very slow and possibly un-usable.
Network Considerations
The proper network architecture is essential to a healthy, high-performance environment. There are several different ways of approaching network architecture and fine-tuning it to meet the demands of a virtualized environment.
Use the following recommendations to guide you in configuring the iSCSI network:
• For iSCSI configurations, ESX Server supports only isolated networks. Inherently, Fibre Channel SANs have an added security advantage over iSCSI SANs because they are based on a physically isolated fabric. In a typical network every server, workstation, printer, etc. communicates using an Ethernet based network, the same network used by the iSCSI nodes and hosts. This opens iSCSI traffic to a wide array of security vulnerabilities as well as degraded performance.
• VMware recommends dedicated Ethernet switches for iSCSI connections.
• Use Gigabit Ethernet network adapters for iSCSI initiators. 100Mb adapters are not supported for iSCSI connectivity.
• Ensure that the iSCSI interface is set to full duplex or configured to negotiate at full duplex.
• To prevent oversubscribing (input from multiple network interfaces being sent to fewer network interfaces) in heavily utilized networks, utilize multiple network connections on the iSCSI target. Ensure that you do not have multiple virtual machines performing large write operations to a single storage
point.
• Use static IP addresses for initiators. ESX Server does not support DHCP for iSCSI connections.
Configuring iSCSI in a Vmware 3 environment - http://www.vmware.com/pdf/vi3_iscsi_cfg.pdf
iSCSI , NAS and IP Storage Configuration for Vmware ESX Server - http://download3.vmware.com/vmworld/2006/tac9722.pdf
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