Vista - Server-Side Rendering?

Please excuse in advance this newbie question...

But...

Is it possible to take XAML meant for a SmartClient WPF Windows app,
and parse it/convert it server-side and then emit HTML/DHTML/etc. down
to a browser client?

I'm working with an "open" Internet app, and cross-browser/platform
compatibility is key. I realize this might be possible with
Silverlight, but I am concerned about building something that requires
the user to install the Silverlight client, and also that Silverlight
only supports a subset of WPF (possibly causing necessary code
exceptions/overrides in the core code base). The ultimate intent is to
maintain as best as possible a single code base. Also, note the app
is a business-oriented app (text/controls) with little to no media/
rich graphics other than typical static site logos, etc.

Ideally, I'd like to do this without inventing a new huge piece of
custom-written software, such as a custom HttpModule.

I would greatly appreciate it if anyone can point me in the right
direction or correct any assertions or assumptions I've made. I'd
also appreciate knowing if this approach is NOT possible or recommend.

Thanks in advance,
Erik