Yes, it is still possible. It's fairly easy to deliver mail from a completely bogus sender because SMTP doesn't try to ensure the sender is an actual account or a valid email address, for example. Hence the start of the spam era...
The only thing that has made it harder lately is that you can't connect to just "anywhere" to deliver mail to "anywhere else". IE, you can't connect to microsoft's server and try to send mail to an @apple.com address. Microsoft should now only accept mail for a microsoft recipient. But it'll still accept it from anyone@anywhere.com even if it doesn't exist.
One can do pretty much anything with manual smtp, but the problem is that it can be hard to craft a mail that doesn't get detected as spam or that doesn't get rejected. It is also very probable that the server will add your IP in the mail headers. So you would have to do as if you received it from some other server, but such things don't resist any serious analysis. However it's worth noting that, from the SMTP point of view, you can have any adress in the FROM field. – Yves – 2014-09-17T14:28:15.010
The recipient (the address following
– user1686 – 2011-05-26T15:17:50.223FROM:
orTO:
) must be a valid "reverse-path", between<
>
and without separating whitespace. (See RFC 5321 § 3.3 and § 4.1.2.) Other forms are only accepted by software for backwards compatibility reasons.