Can i actually do this project ?
There are really two questions here. Can this project be done? Yes. Can you do it? Well, only one of us can answer that.
What's this Arduino doing? This is cheaper (there's a dongle version, as well).
can anyone provide more info on this whole thing?
What else do you need to know? This isn't a "do my homework for me" forum. If you have specific questions, we can give specific answers. If you have general question, we can give general answers. If you have vague questions, we give vague answers, or ignore the question altogether.