Look, you CAN but it would run a VERY high price for hardware to do that. Since VPS are usually for game/web hosting which isnt to intense.
You have a few cheaper options here:
1. Use a V ps
2. Use a tunneling program like pr0xycap/Proxifier/google
3. Rent a V PS or something and make an SSH tunnel with putty for HB
All the information is readily available on google as many people have issues with work firewalls with games/programs so there is plenty of information to get you started!
A V PN would be way cheaper. I suggest it. However in your case I can not condone in bypassing University Policy, and I strongly discourage.Why don't you just buy a V P N?