Ok. Sorry about that.
Read this. A little something I put together.
http://www.toyota-4runner.org/3rd-gen-t4rs/168259-waterproofing-fording-pt-1-a.html
Now, as for your question.
CAN you, yes.
SHOULD you, no.
Here's why.
the below picture is one of my truck, and the best I could find at the moment. Service in this hospital sucks, and the simple fact that I can't email myself a damn picture is pissing me off.
Anyway.....
The green dot in the middle of the fender is where your intake tube ends.
The green dot right behind the headlight is the intake box.
The green line is ABOUT where your bumper line is on the truck. My truck was sitting on 37s in that pic, and that gave me some pretty good rake, so I tried to keep it as straight along the bumper line as I could.
NOW, think about EVERYTHING below that "Bumper line."
Both Diffs, transmission, torque converter, starter, AC Compressor, Transfer case, Bearings, Seals, Brakes, Firewall, door seals, ect ect.
Believe it or not, our transmissions are NOT sealed. There is a breather on our transmission, and it doesn't stop shit. Pink Milkshake waiting to happen.
Transfer case and Diffs, same thing. Both have NON WATER TIGHT breathers. Water in gear oil=bad gear oil, which can destroy a diff, seals or anything else.
If you've got the CLD, and ADD(which all 3RD Gen 4Runners have STOCK, and I say STOCK because I don't anymore), your electronics for 4WD are under there.
Again, it is possible, but I wouldn't reccomment it. Too much stuff to go wrong. Read the link I posted, and you'll really see what is under there that can go wrong.
Anyway, here's the pic.