You can, but don't expect good quality. You'll have to use a very low bit rate (maybe 400kbps) and low resolution (360p) and you will probably have problems with high ping if you play online games.
(in before someone states the custom settings above don't really help, I've thoroughly tested the ones provided in the thread that has now been deleted as well as modified them and it makes a significant quality difference at low bandwidth/bitrate)
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