Dynamic URL aliasing?
Indeed it is.

Steps you will need to do:


Create a custom module
Implement hook_menu()
Define the route 'latest-projects', and make the menu callback a function
In the custom menu callback function do SQL or whatever to find the latest project (maybe use EnityFieldQuery in Drupal 7)
Use drupal_goto() to then redirect the user to the latest project node


Note in the above solution, a redirect is used to send the user to the project node, but if needed you can also simply render the node on the page as another idea.