The other day, szilard (of Neitherworld Stories) noted that there are lots of character features that aren't powers in 4e. Which got me thinking: is there a game there?
Take out powers and you'd probably have to redesign classes, to give them a tad more distinction, and I'd want to check to see how many to-hit bonuses attack powers have, to make sure the math still works out right.
But with a few adjustments, it'd work. Combat would have to revolve around stunts, but most martial power effects could be reasonably simulated. Magic might be trickier, but I'd probably use this to run something science-fiction-y anyway.
I don't know that there'd be any point, but it's probably possible. It'd definitely depend a lot more on having the right group than straight 4e.