Is it possible or no? All the evidence I've been able to collect I will post here and seek your opinions.
Consider what Galadriel tells Frodo when he inquires as to how he may use the One's power...
"Did not Gandalf tell you that the rings give power according to the measure of each possessor? Before you could use that power you would need to become far stronger, and to train your will to the domination of others."
Well Saruman's Voice already shows he has definitely gained quite a proficiency in that prerequisite.
From Tolkien's Letters 246:
"Of any others only Gandalf might be expected to master [Sauron] since he was a creature of the same order."
Being a Maia helps in your attempt to overpower the will of Sauron. Consider also that Gandalf the Grey had no doubts he could take and wield the Ring. Saruman meanwhile was the head of the Istari and thus presumably the most powerful. In addition he was the most versed in Ring-lore in all of Middle-earth with the exception of Sauron himself. In fact, I found this foreword by Tolkien to be quite intriguing:
"“Saruman, failing to get possession of the Ring, would ... have found in Mordor the missing links in his own researches into Ring-lore, and before long he would have made a Great Ring of his own with which to challenge the self-styled Ruler of Middle-earth."
-Foreword to LOTR 2nd Edition, if the War of the Ring was inspired by Wordl War Ii.
Now the counter-arguments...
"....Saruman the White, fell from his high errand, and becoming proud and impatient and enamoured of power sought to have his own will by force, and to oust Sauron; but he was ensnared by that dark spirit, mightier than he."
-Unfinished Tales, The Istari
"3000 - The shadow of Mordor lengthens. Saurman dares to use the palantir of Orthanc, but becomes ensared by Sauron, who has the Ithil Stone. He becomes a traitor to the Council."
-Appendix B
So... Thoughts? Saruman was one a hair's breadth away from capturing Frodo and the Ring. If he had succeeded, could he have done as he hoped and used it against Sauron?