Looks like the folks over at Teknogods have done it - or as close to have "done it" as we have gotten so far. They have created a co-op loader that allows a dedicated* server to be used instead of a local host set-up.

This "work around" essentially, enables a listen server, and lets a client connect to an arbitrary IP like 1.2.3.4, for spec-ops mode only.

Read the details here:

Six days after release, it looks like there has been a successful attempt at arriving at a community based hack of IW.net. 

Is this truly a dedi-server?

*Note that, in some people's lexicon, a dedicated server should not require a graphics card and it should be pointed out that in the Teknogods setup...a graphics card is required for the host server. If you choose to use the latter definition (dedi server = no-gfx card) , then the community might be some days away from that realization.

Realizing the "true" definition of dedi-servers might be difficult; however, there is hope given the following dvars found in the game's .exe:

badhost_endGameIfISuck "1"
badhost_minPercentClientsUnhappyToSuck "0.51"
badhost_minTotalClientsForHappyTest "3"

...it would appear, that you could theoretically lock the server down to one specific host by simply turning off "endGameIfISuck". This way, the server would not get migrated. Underscore "theoretically".

A separate group, AgentGOD (note how all modders consider themselves deities...just an observation) has build a console enabling hack for MW2. This vid, showing the hack at work, just surfaced on YouTube: