It's very possible. You need an IR repeater unit of some sort. I, however, do not have much knowledge on the subject. Hopefully some with more knowledge of repeaters will chime in. On the plus side, they're not expensive products, since a lot of people want to hide their stack of equipment.
You might also want to think about dressing up your speaker cables. With some TechFlex tubing and heatshrink tube, you can make your cabling look world class.