I dont see why not, what you have to remember is depending on how reliable you want your server to be, you must cater for the uptime. Also, if your downloading big files, your home connection will have a significantly lower upload speed compared to dedicated hosting companies. For example:
If you were downloading a file which is hosted on a server at home, say you had 1024kbps upload, you will probably only be able to download the file at about 90-100kb/s.
My hosting company is based in a data center with a good connection, I can download files at around 500-800kb/s usually.