Yes, this is basically possible. At most, there is a minimal delay, the longer the cable. So for a pro gamer it's rather a bad solution, but otherwise I would say that you wouldn't notice any delay at 3m.
I have even connected wireless receivers to USB extensions because the PC is at the other end of the room, for example, and I still wanted to be "wireless" and the wireless distance was not quite sufficient. Also mouse and keyboard connected to 1 receiver on 1 USB extension cable without any problems. Hope this helps.