**Is is possible? Yes.** 

Technology-wise, you would do the same thing you'd do for language localisation (see this [related SE question][1] for the specificities).

> Localization refers to the adaptation of a product, application or
> document content to meet the **language, cultural and other requirements**
> of a specific target market (a locale). [Source][2]

Seems like the definition fits the icon situation perfectly. **W3C** actually mentions "Symbols, icons and colors" in their list of customisable elements. Just as it happens with content, images are loaded with cultural baggage.

The **apple developers** site has some guidelines in respect to *internationalisation* too: 

> Create or modify language-specific versions of nib files, text, **icons
> and graphics** (especially those containing culture-specific images),
> audio, and video for each locale. [Source][3]

Now, in regards to the cases, that's a tricky one. I still have to hunt down some good uses, but one thing is sure: This is a job you can't do based on **assumptions**. Feedback or research is crucial.  

I found this interesting discussion in meta:

 - [Less confusing icons for localized Stack Overflow sites][4]

And some nice related articles:

 - [The Localisation of Visual Content, Images and Icons][5]

 - [Harnessing the Power of Icon Standards][6]

 - [Website localisation: three examples of best practice][7]


  [1]: http://stackoverflow.com/questions/4179000/best-way-to-detect-country-location-of-visitor
  [2]: http://www.w3.org/International/questions/qa-i18n
  [3]: https://developer.apple.com/internationalization/
  [4]: http://meta.stackexchange.com/questions/252622/less-confusing-icons-for-localized-stack-overflow-sites
  [5]: http://www.business2community.com/content-marketing/localisation-visual-content-images-icons-0649437#M448rcYjwV1h0ZwH.97
  [6]: http://webdesign.tutsplus.com/articles/harnessing-the-power-of-icon-standards--webdesign-8431
  [7]: https://econsultancy.com/blog/64260-website-localisation-three-examples-of-best-practice/