Yes you can do this. In fact, there is nothing special about doing this. A CORBA ORB allows an application to fill both 'client' and 'server' roles simultaneously.
There is a simple example here: http://www.inf.ed.ac.uk/teaching/courses/ds/programs/CORBA/Ciao.html
This implements a callback where the client pass an object to the server, and receives information when the server makes a call back to the client ... effectively reversing the roles in the interaction.