Short of using image based text (not recommended) the answer is generally no - the font must be installed on the users system for them to be able to see it.
There are however some ways to achieve it but these are not 100% fool proof and you can never guarantee that these methods will work for all users - an example is at http://www.mikeindustries.com/sifr/
Remember that the dynamic fonts are URL specific and are created through WEFT for the websit URL only. You can not use them on any other website URL other than for which they are created.
Actually what we have experienced that your webhost should also support the EOT type of fonts. We find that the same dynamic fonts will work fine on some web hosting providers and may not work if you move the site to another server. May be it requires the EOT file type permission in some servers by administrators.
For more information on how to use WEFT you can go to the Govt of India's website :
One more thing .. If you are making a website in Indian language like Hindi etc..
You can keep the following code in a separeate .js file and call the file in the html page if you do not want to keep the style sheet in the same page ..
And I hope all of you know how to call a .js file in the webpage. Just give the following code in the HEAD section of the website :
Suppose you have used leap office font "DVW-TTYogesh" to prepare the web site in Hindi. Now you have to create the EOT file for the same font using above mentioned procedures and tools. Suppose you have created the EOT file with name "DVTTYOG0.EOT". After creating these EOT file you have to modify the "hindifonts.js" file by opening it in "Notepad" as :-