Yes it's possible if you mean that USB device is plugged to computer which is connected to the network or Internet through a wireless connection. In any case you can test that because trial copy of USB over Network product is fully functional during 15 days.
It has to work if Windows recognizes your wireless connected USB device exactly like cable connected USB device. Again, you can test and evaluate all before to purchase program license. Please let us know your test results because it would be very interested for our forum community.
At the moment I have a cable attached USB device - no wireless.
What I am looking for is a wireless interface for the USB device to talk to my wireless router. And then use USB over TCP/IP to access the device remotely. It is getting the air cable system which is stopping me at the moment.
Once I can find a generic wireless transmitter then all USB devices will be accessable remotely and without cables.
Here is a link to a typical usb controller http://www.phidgets.com/ .
If you are using Phidgets attached to a laptop or even to a PDA, and this laptop is using a wireless connection, you can use the Phidgets Web Service to control them from any other computer connected into the same network. Did you tried that?