Possible, yes. Feasible, no.
Think of it this way - when you launch EQ and it begins to load the game data, all of that data would be streamed off of your cloud storage at whatever speed your internet connection allows. So for me, that'd be about 1 MB/s, whereas my 7200 RPM SATA drive or USB 3.0 external drive would do it at about 5 GB/s (5,000 MB/s). In other words, it would probably take about an hour to launch EQ on my internet connection. However, Moore's law dictates that this is how things will be done in the future, probably within our lifetime - eventually download & upload speeds will be fast enough to match IDE, SATA, and eventually SSD transfer rates. In the future, local data storage will be a thing of the past.
So if you have a fast internet connection that can download a few GB in minutes, you could certainly store your EQ folder on Dropbox and just download it to your computer whenever you want to play, but you wouldn't want to actually read and write data to Dropbox in real time. Another way you could do it is download the Dropbox app on the machines you use, which essentially lets you access your Dropbox folders as if they're local folders, but all of that data gets downloaded and stored in a hidden local folder as soon as you install & run the app, so it'd be the exact same thing as just downloading your EQ folder off Dropbox and then running EQ from your hard drive.
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