Yes this is possible. We do this all the time as do our clients. However you should be aware of two main factors:
1) Security and 2) Concurrent activity.
1) If you plan to host the tool on a web-server so that users can access it from the network (as opposed to those users that are running the tool on their own computer for themselves) then you need to be competent at securing that kind of server. There is more to securing the application than just the open source code - there is the server and network configuration to consider.
2) The tool does not currently have any mechanism to prevent people working on the same page at the same time. You need to manage this through your process. If two people open the same page and edit it at the same time, the last one to save will be kept.
We tend to make sure the work is divided out at a high enough level we have not suffered from this yet. The tool does have some functions which can help , such as colour coding labels in the user interface which might help you keep track of assigned work.
Hope this helps,
Paul - Can Studios.