Yes, it is possible, and I'm using it.
The idea is to run a network capable sound server on the Pi, then send audio data to it via network.
Here is the description:
https://www.freedesktop.org/wiki/Softwa ... r/Network/
I see OP is with Windows, so you don't have a PulseAudio client. However it looks there is still a way to make it work:
https://planet.jboss.org/post/streaming ... dio_server
As for the sound quality, I'm using an IQAudio sound card, the sound coming from it is good, but there always be a background white noise, like those when tune the mic-phone too laud. I'm using a pair of earphone, so maybe the amplifier is over-driving the ear set. Someone report ink black background when using speaker.