Can the Internet Replace Cable TV?

So I’m getting ready to move to another part of town and I’m considering some changes to my telephone and cable arrangements. Specifically, I’m thinking of not paying for either.

For telephone I’m switching to VOIP, and I’m wondering if I can make a similar switch with my cable. My question is this: is it possible to replace cable with the Internet yet?

This should be easier for me that it is for most, as I don’t really watch T.V. My girl watches Grey’s Anatomy, Dexter, Weeds and Californication when they’re on, but I think some of those have online versions available through the provider.

What I’m wondering is if I can get this kind of content through other means, e.g. Hulu, iTunes, Boxee, Torrents, etc.

Any thoughts would be appreciated. ::