It is very possible. I recall MS was liking the idea of x86 compatibility on a SoC from Intel. Then Intel stopped development last year.
Intel never made a mobile chipset with intergrated always on connectivity. Did they even plan one?
I mean that might have had some advantages for running legacy apps, but lets face it, they'd be awful on a phone anyway.
Windows on arm is just an enabling/stepping stone tech to get developers to write UWP fpr notebook and tablet users because:
"omg, your stupid app/game runs so slowly and doesn't scale properly like xyz app does - 1 star" (Users not understanding anything about UWP or win32, or emulation, only that the native app is better)
AND
"Why doesn't WhatsApp, snapchat, find the nearest suicide booth run on my laptop, like those other chat/mobility/gps apps?"
Its the perfect utilisation of basic consumer drives to force developers hands into full scale UWP writing. Its not actually for running win32 apps at all. Its for making them look bad next to UWP and poaching devs for ios at the same time
XD