Sure, its certainly possible, and if you're going to use Plus scripting it will make the job easier as you don't have to worry about the MSN protocol at all. But trust me, it doesn't help that much. If you want to make an intelligent chat bot script, be prepared to be coding for a loooong time.
If you want something outside of Plus, I know of two decent frameworks written in PHP that may be of some use to you.
http://www.blobsy.org/ (site offline right now)
http://code.google.com/p/phpmsnclass/
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