It should be possible as you need to make your game in visual studio and the software on the XO is essentially windows 8. However, often times with consoles there is a stripped down version. At least that was the case for the XBOX 360. If you made a .NET game you had to deal with a compact .NET framework on the XBOX. What would happen is that your game would run on the computer but as soon as you deployed it to the XBOX errors would show up.
It's too early to tell. Once the ID SDKs are released we should get a better idea as to the full capabilities.