Yes its possible, find a data center near you and colocate with a great SLA and monitoring/administration service and rent them as dedicateds.....
You would have to sell many and many before it would ever start off though,, but other than that the only way i see it happening is joining a percentage based plan with a great company such as www.fastservers.net(there reseller plan looks good) or invest ALOT of money upfront...
Mike from webauth is a good guy but doesn't seem stick to his generosity.
For instance I sent someone his way who rented 4 servers with H-sphere, Only because I had worked for someone who had servers with him and they were good. He said thanks as it was a big order and I asked if I could have a small ASP shared account for development. He said fine but I never received this account.
We're talking about a $5-10 on a budget account. To be honest i'm a bit disappointed on this, I made him a long-term client who would be paying a lot of money per month to him.
From scanning their page rather quickly, it looks like you need to host with FastServers.net to be a part of their reseller program. They take off a percentage from your monthly bill according to how much money you bring in as a reseller. Correct me if I am wrong.
They help you set everything up so that when you sale a server to someone their info will be setup on the server, next you just relay the support issues, as you grow you get a larger discount and larger profits.. you can charge what you want.