I've never tried it personally, but I've got a DisountASP.Net hosting account and I can't seen any reason why it wouldn't be possible. However you'll probably find that you may be forced to forgo some EPiServer functionality like you mention, such as the Windows indexing and scheduling services. I also wonder whether you'll be able to configure IIS to serve extensionless urls. My DiscountASP hosting account is still running iis6. IIS7 would make this easier.
I don't think the VPP will run run using a virtual path but you could either remove the VPP config altogether and just create a ~/Global folder in your root, or DiscountASP do provide an absolute path to your site - its in your account info in my.discountasp.net, though I can't remember off hand if you can write to the folder above your application root.
Basically I'd say it might be more hassle to set up than just getting a dedicated VM.. But I'd be interested to hear if you do try it out and whether you get anywhere....
I was wondering if anyone has tried running episerver on a shared webhosting provider like DiscountASP - what I've figured out is that some of these hosts provide full-trust hosting.
The immediate issues I see by doing this is that it's not possible to install the deployment center, nor the services and the episerver program-files folder wouldn't be possible to create.
So the way I see it - on how it might work is that - after installing an episerver site locally, the database could be uploaded to the webhost using appropriate methods. the episerver shared folders could be uploaded to the same folder as the web application and VPP pointers could be corrected to possibly use relative paths(?), and hopefully the site might work without any scheduler working.
Has anyone had any success with this?