Absolutely! .NET provides a great deal of support for writing multi-threaded socket applications. Since this is a server application, I'd write it as a service (use VS.NET to create a VB or VC# "Windows Service" project). Then look at the docs for System.Net.Sockets and especially at the BeginConnect, BeginReceive and BeginSendTo functions. The docs on these methods all have examples on writing asynchronous socket code that you should be able to piece together into a complete application. If you've done asynchronous sockets in native C++, doing the same thing in .NET is a relative cake walk.
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