Anything is possible, but what you want to do would take a bit of work. The basic idea would be to configure the needed grid editor(s) dynamically and update the columns with the new editors when needed. Now... what would be required to make that actually work I couldn't say offhand without digging into the Ext source -- it would almost definitely require overriding default behavior in the grid and/or column model.
Pulling your conditions asynchronously would (I imagine) be too slow for the interaction of clicking on a row to edit inline. If it takes a second or more from click to configured editors, that would not be acceptable performance. I would try to find a way to send your conditions down along with the other row data if at all possible (they can be in the store's data model on the client without having to be shown in the grid).
Without knowing more about your business requirements, it might be more appropriate to ditch the editable grid and instead go with a dynamically-configured FormPanel tied to the grid. This way the interaction of clicking and then pausing slightly while the form is configured would appear to be more natural. Also, the functionality of rendering a form with a particular configuration is perfectly standard and would require nothing fancy on your end. See this example as a starting point (your form would be dynamic, but maybe the same type of interaction could work?)