The keyword here is possible. I know of a few resources that talk about this and how to create static frameworks - here: https://github.com/kstenerud/iOS-Universal-Framework and here: http://db-in.com/blog/2011/07/universal-framework-iphone-ios-2-0/
I'm interested to see if it's possible to create a dynamically linked framework in an app that will not be submitted to the app store. I know it's impossible to write to the application bundle on a device without jailbreaking it. Is it possible to say, download a compiled framework file, put it in the documents directory and then access it via the application (think plug-in architecture). I know that if it is, you would be turned away from the app store for submitting it, but let's say this was an enterprise app, or an ad-hoc distributed app where Apple would not have to approve.
In my initial research I haven't found anything supporting that it is possible, but I feel like this may be such a fringe case that no one has published anything about it. Looking for a guru to give me a definite "no" before I give up.