Let's say the font is a .fon or .fnt, could I embed these in a webpage? Is there a particular format for embedding a raster font?
Unfortunately, there's no way to do this today. But while the technology is still in its infancy, multicolor fonts are coming to browsers. This would allow you to convert those bitmap formats to plain OpenType TTFs. All but Microsoft's proposal would allow for bitmap/raster fonts to be used.
This technology already works in current versions Firefox on all platforms. Support in other browsers is coming.