Hello,
It is possible technically and I had prior experience.
My solution works for initial installation and update using ASP.NET forms authentication.
Tested for
-IE8, IE9, IE10, IE11
-WinXP, Win7, Win8, Win 8.1. 32 and 64 bit.
Your winforms application should have Login page (or hardcoded username/pwd) otherwise application cannot check update availability.
Thanks,