well, i'd assume it would rot on ya, it would probably hold onto the water too long, causing root rot as well. although if you made a mix of paper (something), plus maybe perlite, vermiculite, and like....glass marbles or something, that might work. but probably not.
just use all water and do a cheap hydro setup .. wait .. never mind you probably cant afford that if you cant even buy dirt .. just dig some up from the ground and cook it in the oven for awhile to sterilize it never tried it but i think it would work.. at least work to kill any bugs
Just dig up some soil and seterilize it, then add some sterilized perlite, a 4 pound bag cuost me a whopping 2.50 at walmart, and 4 pounds of perlite is a shitload, you could just use perlite as your medium, some greenhouses use it, just wash it first to remove dust and ph it to 5.5, then have your way with it