Is my project possible?

Delta_G:
Can Arduino read an EEPROM? Most likely, though you failed to mention which EEPROM chip you have.

Can Arduino act as the EEPROM? Probably, you just have to write code for the Arduino to listen for the commands and take appropriate action.

thanks, this is really helpful info. also, the EEPROM im trying to read is an 8 pin Altera EPC1441PC8, the pins are different from a 24Cxx, etc, but they are programable.