This depends essentially on what you mean by torrent based webhosting. If you want to have a censorship-proof website that anyone can easily access by simply putting a address (URL) into the browser, the answer is no since the domain name system is rather centralized and if the DNS server does not resolve the URL to an IP you can not use convenient names. Perhaps you remember, that wikileaks was forced to move from wikileaks.org to wikileaks.ch. The next step would be, that you communicate directly with an IP adress, which needs to be routed to a specific server (or rather a specific location). If this location is shut down, your website is again shut down until you manage the convince the routers to route your IP address to a different location. Or you move to a different address and tell everybody about it.

By contrast: if you start playing with protocols, then there are quite censorship resistant ideas floating around. I believe closest to what you have in mind is Freenet, but also some of the filesharing P2P networks work without central servers (torrent does not).