Run cron on a different web server? Is it possible to stop the cron on the main web server and run it on another web server that is using the same codebase, same MySQL server and same Memcache sever?

The cron web server will run import and other heavy operations that Drupal is doing during Cron.

Is anyone doing this? Also some tips for the implementation of the shared codebase(performance wise) would help.
This would be very easy to do by either running a run cron job or a jenkins job on the server/node you want to run drupal cron on.  This is very common practice in all of our projects.  

If you are doing a large data import on cron, be sure you are using cron queue. http://api.drupal.org/api/drupal/modules%21system%21system.api.php/function/hook_cron_queue_info/7