Yes it's possible.
As your projector accepts components input, you will have to get this cable (or similar one from non-official brands).
But you could also use the provided Wii AV cable (yellow RCA for video and red/white for sound). Did you try and it doesn't work?
edit: For the sound part, you need "something" to ouput the sound coming from the wii. Either speakers with an adapter from the two RCA (white/red) to a jack plugged in the input of your speakers or a hifi sound system which will probably have a RCA input. But you will not get the sound out of the projector which doesn't have sound input and speakers.