tedster - 5:02 am on Jun 6, 2010 (gmt 0)
Yes, the redirect is possible technically. Since you mentioned .htaccess, I assume you're on an Apache server, so for the correct syntax and technical details I would refer you to our Apache Web Server forum [webmasterworld.com].
However, there is always the possibility that your penalty is due to something with the backlinks. In that case, you might just transfer the penalty right over to the new domain ;(
For that reason, I'd suggest some digging and analysis to understand why your site was penalized in the first place. It usually takes something very serious to get truly thrown out of the index altogether.