I think it's entirely possible depending on the type of work you want to do and the company (or becoming self-employed).
For example there are many customer service jobs that can be done at home over the phone. Examples are AT&T home customer service and JetBlue reservations. If you're interested in this type of work, you might want to check out this site:
http://www.littlewhiteebook.com/ I've never read it but supposedly it has useful information.
For people with experience in a particular field and an "entreprenuerial" spirit, launching a business like freelance marketing & communications, website design, resume writing/career counseling, training development, and independent financial investing etc. can be run from home.
I work at home in the US for a Fortune 500 company with a very liberal work from home policy for those in midlevel-to-senior positions in non-client facing roles. My responsibilities are 100% in the Asia Pacific region, so when I'm in the US, I work entirely from home. I still go into my offices, but only when I'm traveling through Asia. But I think this is still the exception rather than the rule, but I'd bet more US-based companies might consider this model, since commuting costs and commercial real estate costs continue to increase.
Hope this helps and good luck!!
