Well, you couldn't play traditional flamenco on a steel string guitar, that's for sure. What you could do is learn some flamenco chords and chord progressions.
One problem is that a lot of flamenco techniques on a steel string guitar -- rasgueado, for example -- will literally sand your right hand fingernails down to the nub. It's not going to be pretty, and will probably be painful. Even on a flamenco guitar I protect my right hand nails with a thin coat of super glue.
Also, the fingerboard of a flamenco guitar is wider than that of a steel string guitar. That's because many of the notes played in flamenco are actually played with the left hand, not the right hand - lots of hammer ons and pull offs. You can do that higher up the neck on an steel string guitar, but it would be hard to do that in first position on that guitar.
Anyway, yes, to a small extent you could conceivably do something that has a flamenco sound on a steel string guitar.
But why? You can get a great student model flamenco guitar from Yamaha. It's only $350. Then, you need a teacher. Flamenco is difficult to learn (I've been at it for ten years) and it's important to learn from an instructor who can teach you the correct techniques. Otherwise, you just have to learn everything all over again when you finally do take lessons. Intermediate and advanced students can learn from a video, but beginners really need face time with an instructor.
Best wishes.