Lol no. GPUs are not (yet?) general purpose devices. They still require a lot of work on the CPU to feed them data and commands in a specific format for them to process. You could have done something like that with Larrabee, but alas it was not meant to be.
Furthermore even if you could do it, it would run *very* slowly. GPUs are not good at a lot of the types of work that games have to do and that would entirely bottleneck it even if the parallel bits were very fast. The CPU/GPU combo is here to stay for the foreseeable future.