Yes, it's possible, however, know before you start that no client OS is supported by Dell on any of their servers. This doesn't mean it won't work, but it may not - Dell will not provide drivers and it is up to you to troubleshoot issues during and after the install.
That said, it should work. When you find yourself needing drivers, use the 2008R2 drivers (if attempting to install 7x64). Also remember, depending on your RAID controller, the PERC does not support non-RAID, so you must configure/initialize RAID before attempting to install.
Dell utilities designed to run in the OS (diagnostics, OMSA, etc.) will not work from Windows 7.