It would need to be compiled for our kernel version and even then it probably wont work as it would need to interface with the broadcom chip to sort out networking, display & audio. Oh, and control from the remote.
...but besides that it's totally possible!
Also the image quality is very poor (especially compared to the BBC's content) - perhaps because of said ASF encoding.
I'm just going off the "Sample" stream as I have no Sky login details but I thought that the quality was on par with SD iplayer streams and better than 4OD and ITVplayer on my PS3...