How compatible are (Theravada) Buddhism and the Western life?
I woud say Theravadan Buddhism is compatible with the West because it is already happening. Jack Kornfield studied with Ajahn Chah and then went on to found the Insight Meditation Centre which is partially inspired by this practice (though doesn't wholly identify as Theravadan). Ajahn Chah's lineage itself has come to the West with the  Thai Forest Tradition and to quote from here


  They provide centres for monastic training, as well as, teaching and
  practice for the lay community.


So you don't need to be a monk to practice. My own group the Triratna Buddhists are also very influenced by Theravada Buddhism and we have no concept of monks. Even order members are considered to be lay followers. 

As Buddhism moves Buddhism changes. As it moves into the West and as Western culture influences into the East then (Theravada) Buddhism will change. But Buddhism will always teach liberation - how could it be any other way. So I would humbly say that yes you can practice but the practice might not be quite as it was before.