LIRC over network

I want to make an arduino device that can send and receive IR signals back and forth over the network using licr network protocol. Can I used the net shield and serial I/O at the same time?

Remote --> arduino box --> lirc sever on network --> arduino box --> TV

would I be able to hold down the volume button and get a reasonable response (assuming backend lag is minimal)?

Thanks,
--JAmes

that can send and receive IR signals back and forth over the network

You used a definite article before the word "network" there.
Which "network" did you have in mind?

network being tcp/ip LAN