This should be possible! Just for pure fun / thought experiment: The preset in Axe FX would look something like Input USB -> Amp/Cab ->Out1. The settings in the jamkazam software would be Audio Input Ports: 1 & 2, Audio Output Port: Out 7 and 8
This should take any signal received by jamkazam your friend sends over the network into the axe fx, process it, and return it as your output to then be returned over network. I have been experimenting a bit for fun as this seems like a neat idea, but I am running into a feedback issue whenever the input signal tails off, temporarily solved by having the noisegate set insanely high. The feedback issue goes away when amp block is disabled. Definitely something I am doing wrong, but only have so much time to play around with this. Just trying to help out the OP with his request!
That being said,
@Bladebzz knowing exactly what you are trying to do would be helpful. Are you trying to jam with a friend live over network? Are you trying to just re amp his playing? Or just let him sample the abilities of your axe FX? If just re-amping his playing you should send files back and forth via email. If you want to just let him sample the abilities of your machine, the above method is on the right track. If your goal is live jam, if you both get the JK software you can use the axe fx on your end, and on his end he can just use digital VST plugins, free or paid (32bit only) to add distortion or whatever effects he is looking for. When I play with musicians in around the 300KM distance range our total round trip latency is usually under 40ms. The more information you give us the more helpful we can be!