Absolutely possible. I have an rsync'd locl mirror of Fedora on my main machine, an apache/httpd server share of it, and all my other fedora machines use the local mirror instead of going to the internet all the time. I have a large filesystem mounted on /srv, and have a /srv/Fedora tree that mirrors the TDS mirror. I (g)rsync the mirrors about once a day. My local httpd server is set up to serve these local copies at host.private:/pub/fedora/linux/..... Virtual machines and other test machines on my local net reference this mirror all the time. If you need specific setup details, just ask.