It can be done, yes, but it won't bennifit you over a smaller size because the footprint will be distorted and you will probally have less traction, the tire will wear unevenly, and it will not handle that well. So the footprint will actually be smaller.
The lower the profile you go, the more picky the wheel size is. 245/45 is perfect for a 8" wide 17" wheel. 275/40 is perfect for a 9" wide wheel, and a 315/35 is perfect for a 11" wide wheel.