Most of the info here is personal anecdote, but it's possible. For extract + steeped grain brewing you can make good beer without boiling the wort at all. Do the hops boil on their own in water, say 5L or so, I've used even less and had good results. Hops utilisation goes down as gravity goes up, so boiling in water at SG 1.000 in theory should give good hops utilisation in lower volumes of water than normal. In practice I've found it works fine.

DME or Liquid Extract has [typically already been boiled][1] (see also [Molot's answer][2]) in the process of creating it. So DMS precursors have already been driven off, and the hot break has occurred already.  

You have to accept some additional risk of contamination as the wort is not reaching sanitation temp and there is a small chance the extract and/or grain is contaminated. But personally I've brewed probably 10 batches like this when I had limited time and space and never had an infection.

See also a [related question][3].


  [1]: http://www.blackrock.co.nz/the-process
  [2]: http://homebrew.stackexchange.com/a/17179/13384
  [3]: http://homebrew.stackexchange.com/questions/17178/do-you-need-to-boil-un-hopped-extract