Creating "local gps" system

How about using ultrasonics? A ultrasonic speaker on one wall and another on the 90 degree wall, then by timing the pulses and how much they are offset from each other working out the position? (e.g. pulses set so that if you are directly in line with each speaker they are synced but once you move away they fall out of sync). Not sure if that is possible, just thinking out loud.