Well, you might be able to do alright in some of the less popular regions, but lag is a major issue, particularly if you want to do any (and I mean ANY) pvp.
Stay away from Caldari space and particularly Jita... 700+ people in one system causes unholy hell with lag issues, and I use digital cable.
In short: It's possible, but you won't get as much out of the game as you might with a better connection.