This is entirely possible... in fact I did it a while ago! Unfortunately SoE has been trying to remove all traces of my program, even though it doesn't violate the TOS whatsoever (it follows one of the previously suggested ideas- parse the web page).
EQ2 Server Status runs on the task bar and gives a nice Green/Red quick status for your server. The program is very customizable, and although still very early in development, works wonders. Hell, I use it
Check it out, and please please please please pass the word around, especially since Sony has made it hard on me: http://www.tmccraw.com/eq2/