see thread

yes, it's possible if you've got the clearance on your frame
yes, it'll look a little funny
yes, you'll feel faster.

yes, you'll spend a pretty penny converting the brakes, and on the wheels themselves, but it'll be an interesting project.

Try borrowing some 700c wheels from a friend and putting them in there before starting your project, the bike I was working on fit like a road bike to begin with (long and high) and the extra height made the bike too tall, so I scrapped the project - I'm now converting a hybrid to cyclocross. It'll be interesting.