Yes you could, but it wont be 100% realistic as you will not have individual strands moving around. This would only be accomplished with proper hair simulation, like NVidia’s HairWorks or AMD’s TressFX.
And luck just has it I have been writing an integration for TressFX (and if I get accepted into the closed beta, I will do the same for NVidia). You can see progress at the following forum entry: Hair Rendering Simulation test - Game Development - Epic Developer Community Forums
Currently working on porting it to 4.3 and adding editor integrations so you will be able to do some editing of the hair such as density, stiffness and such, as well as integration with the material editor.