I wouldn't expect it to work well for this application, although the "voice chat" mode might do.
Also check out something like this (one directional, admittedly, not interactive)
http://forum.cockos.com/archive/index.php/t-98628.html
Your two locations might both connect to a common server using chat mode, with the server streaming to icecast somehow (a third reaper client, perhaps). You'd need to have some realistic testing done to see what the latency did to things, however...