Tell me a bit more about this, please.
Do you intend to run this like a pen & paper D&D game, i.e. with dice rolls and all, or are you thinking more of a D&D-based freeform? If it's the former, what ruleset would it be based on?
Do you already have an adventure idea in mind, or would it be something that is made up as we go along?
In principle I am not adverse to this idea, but it's difficult to decide based on so little information.