I so desperately want to say an enthusiastic YES - as Ekranoplans are awesome
And I nearly just went with a Rule of Cool answer. In fact, I still may add it at the end - because that is how much I like them.
However - The issue is a combination of factors:
- Weight
- Cost
- Terrain
- Hazards
- FOD
- Logistics
So, let's go through them - Weight, the heaviest air-lifted payload is from Mriya (RIP) and she lifted 560 Tonnes. According to the US Navy, a Wing in Ground Effect (WIGE from now on) can carry an additional 50% - so for the sake of easy maths - let's call it 800 Tonnes. That is about 6 Rail cars.
In NZ - a typical freight train would have 60 rail cars. And we are not a country with a big Rail Network.
Yes, an WIGE could get there faster, but you would need 10 Mriya sized WIGEs to compete with one Train. And whilst Track is expensive to a degree, in NZ we spend ~\$500 Million NZD on Rail maintenance... One C5 Galaxy (couldn't find a cost for Mriya) - is \$352 million USD. TL;DR Planes are expensive
Next is Terrain, Hazards and FOD.
From our Sister site - Aviation SE - to truly get the benefits of Ground effect, you gotta be Low (cue annoying 2000s Rap song...) - the often quoted figure is 1/2 your wingspan - I have included the link to the above SE which goes into detail.
This isn't too bad on Water - with the exception of the occasional Wave, skimming along at 30 ft or similar isn't too bad. Land however is different, there are things that go on top of the Land. People, Animals, Trees, Hills, Rocks etc.
Flying that Low at even say 100 Kph would be hazardous - but we would expect a WIGE to be flying much faster - say 300-400 Kph or higher. You'd need F1 level reactions at those speeds.
Even if we presume we are going over relatively flat bits of land - say like the Bonneville salt flats - it is still a big risk because of FOD.
On the water - Water spray gets sucked up into the engines - Eh, it's fine.
On Land - rocks, stones, even dust would absolutely wreck and engine. Sure we have planes with high-mounted engines designed to operate from unprepared locations - but the thing is, that is more risk mitigation. An A10 (for example) only spends a brief period of it's life (when the engines are running) within 30 ft of the ground - e.g. Take Off, taxying and Landing. A WIGE would spend most of it's working life in close proximity, which would increase the risk.
Also - Bird strike! Once you get over a certain altitude, Birds become less of a problem - but within 30 Ft of the ground? There are a lot of Birds. And unlike Captain Sully and the Hudson Miracle - if you get multiple bird strikes at that altitude, you have zero reaction time.
Then you have Logistics:
You need Airports or similar infrastructure with looooooong runways to get enough speed to enter WIGE, especially if we are hauling lots of weight. Then you have to Load and Unload the cargo at each end.
This presents an issue - because WIGEs have to be Aerodynamic and enclosed. Firstly this limits the type of oversize cargo that can be carried (although Trains with Tunnels still have this issue) - but more importantly, it makes Cargo Loading and Unloading a much longer and costlier process.
Trains can use standardized Box Containers or even use special machines for loading/unloading in a near continual fashion, they are open topped for easy access etc.
So as per my opening line, realistically not Practical
BUT!!!
Rule of Cool is in effect, I freaking Love WIGEs and so I am going to complete contradict myself here
You said theoretically possible - and if I stretch and abuse the word 'Possible' - then I can say 'Yes'
If you had an area of Land that was very flat, with no obstacles and ground conditions that would make running tracks unfeasible (I am thinking the Arctic/Antarctic might work) and you had a slightly altered set of Timelines (whereby Rail wasn't invented before WIGEs - bit of a stretch - but hear me out) - then potentially you could have a few decades of design, refinement and mass-adoption that would mean that WIGEs were retained.
It's the Mass Adoption part that is key - once a critical mass of people start using something, then it becomes economically viable to cater to that. It also means that ideas get refined and iterated upon and the product gradually gets better and better.
For an example - if we look at say the Mini-14 Rifle and the AR-15 Rifle, both are semi-auto, Box magazine fed, 5.56 Rifles. Functionally, they are identical. Yet one has received a lot more iteration on the design (partly due to Military adoption, but partly due to other factors) which means one is now simply a better platform, with more flexibility, modability etc.
So - to contradict myself: Yes, it is possible, with a bit of tweaking to make it believable.