Its very possible, but just very slow. Commercial wifi cameras still arent fast enough to reliably be released to the public (of course you can get them if you really want but you pay a lot of money for something that doesnt perform like you would expect).
You just need a camera module, take the blackfin for instance. connect to a microcontroller like the axon. the axon would read the sensors and the video data. use a suitable wifi type thing. send the sensor data via wifi, then send an image from the camera, then repeat. maybe some leading code so the receiver knows it is receigving sernsor or camera data and youre away.
