use the search, theres been a thread on this like 3 times. Search 2wddrifter, he made it. Ill answer ur question anyway.
Yes its possible, i only hav a 2wd and i drift it, im getting a proper one soon but its possible just very hard. Even if your very good at it its not always successful. Its all about throttle control. You cant drift it fully sideways like u would with a 4wd so i guess in some ways people dont call it drifting its called tailing out or power sliding in some cases. The most angle your going to be able to do is about 60% so still a lot of angle but not fully sideways. You cant really control the drift much either like a 4wd or awd you gotta kinda wait till it straightens up then you can go so 4wd or awd is a lot better because of that ands its really easy.
So the answer to your question is sort of yes/no depending on wat you call drifting.
Hav a look at this, it tells u how to drift 2wd so u can see its possible aswell.
http://www.youtube.com/watch?v=wU9RMHTyBEg
NOTE: Dont be fooled by youtube, the crapest ppl post videos, none of em are drifting. I might post a video after christmas sometime when im not busy. ( thats not a promise though )
Hav fun!
From brendon.v