Short answer: Yes, it's possible.
BUT not recommended cause it may greatly impact your performance.
I never try it, so you have to try it yourself, it won't delete your partition.
TC has a boot code for that. (Read the book)
However it is designed for a FAT32 partition.
10.4. swapfile - swap in a file
In normal use, you would use a regular Linux swap partition.
However, if the system is installed to a fat32 partition, and you cannot create a swap partition, you may use a swap file.
It is created with the GUI tool, and the bootcode is used to tell the system to use it.
Examples:
• swapfile
• swapfile=sda1
The first form will scan for a swap file, the second will scan for it only in the specified drive.
To do that on NTFS, you'll need ntfs-3g.tcz onboot for read and write access.
(you'll probably need to modify /opt/bootlocal.sh to mount -o rw)
Assume you mount it on /mnt/sda1
dd if=/dev/zero of=/mnt/sda1/swapfile.img bs=1M count=1024
mkswap /mnt/sda1/swapfile.img
swapon /mnt/sda1/swapfile.img