Its definitely possible, but you'd have a hard time reselling such tiny accounts that would result from it. Trying to sell more capacity than you have is usually a really bad idea, it leads to hosts disappearing overnight because they hit a limit and couldn't save their services in time.
My closest standard plan is this:
Seraphimlabs Starter
15GB/month bandwidth
1.5GB storage
CPanel
PHP, CGI, Perl
Starting at: $2/month
Reseller option is nonstandard, I would allow 10 accounts on this to start with and would increase it with your purchased capacity.
Extra bandwidth is $0.50 for 10GB, while extra space is $0.50 per GB.
You might manage to do 5 sites acceptably on such a small resource assignment. I don't recommend allocating less than 2GB of bandwidth per client, even simple sites can use that much if they get regular traffic.