Is this possible?

I want to make a storage device that has a small OLED display on it.
The purpose: Storing information from a variety of USB devices such as flashdrives external HDDs, and being able to extract the stored information onto a different USB device.

Is this possible?

Schematic: Imgur: The magic of the Internet

Yes

Why not using a cheap netbook?

stormsnout:
Is this possible?

I don't think it could be done with an Arduino. The Arduino could control the display. But usefully reading multi-megabyte drives is far beyond its capability.

I agree with @liudr.

...R