Hi there!
Yes it's very possible. I've never been fan of dialog boxes and MDI forms, I do prefer to have everything displayed in one window too so here's how I do that.
First, You'll have to think of the content layout. Since you made the analogy with the master page, I'm guessing you know a little bit about asp.net, so to build on this analogy, you'll have:
Master page = Main form
Page = User control
Instead of forms, you're going to have to work with user controls that you'll host inside content panels.
What you are going to find a bit confusing is a way to exchange data from the form to the user controls. One way to do it, and the one I do prefer, is to use events.
You can read more about it
here.