Is This Possible?

[Sabor]

Of course it is possible. The probability depends on the application implementation and the dongle type used. Try giving more details.

Depending on the scheme used it may be possible to "black box" reverse engineer a dongle from the software side but if it relies on some sort of cryptographic hardware protection then the obvious mathematical limitations apply without taking more of a "white box" approach by having the dongle and being able to interact with it directly or even taking it apart. I would say no it should not possible with a "good" dongle.