yes absolutely. You need to have access to your hosting server and configure MySQL to be accessible from remote IP addresses.
Then just use the MySQL ODBC driver to get the tables conencted to MySQL.
I have used this solution for many clients. Before, I did use MYSQL replication by installing a MySQL server at the client. While this would stop only every so-and-so many months, it was still a hassle and also didn't allow the clients to connect remotely. The direct access is much easier.
We had not had any load problems, but this can be managed by restricting the number of queries per hour.