Would it be possible to transfer large files using only a system of checksums, and then reconstruct the original file by calculations?
Say that you transfer the MD5 checksum of a file and the size of the file. By making a "virtual file" and calculating it's checksum, trying every single bit combination, you should eventually "reach" the original file. But on the way you would also get a lot of "collisions" where the checksum also match.
So we change the first byte of the original file to some specified value, calculate the checksum again, and send this too. If we make the same substitution in the virtual file we can test each "collision" to see if it still matches. This should narrow it down a bit, and we can do this several times.
Of course, the computing power to do this would be enormous. But is it theoretically possible, and how many checksums would you need to transfer something (say 1mb)? Or would perhaps the amount of data needed to transfer the checksums almost as large as the file, making it pointless?
The amount of data you need to transfer would most certainly be the same size as the file. Consider: If you could communicate a n byte file with n-1 bytes of data, that means you've got 256^(n-1) possible patterns of data you may have sent, but are selecting from a space of size 256^n. This means that one out of every 256 files won't be expressible using this method - this is often referred to as the pidegonhole principle.
Now, even if that wasn't a problem, there's no guarentee that you won't have a collision after any given amount of checksumming. Checksum algorithms are designed to avoid collisions, but for most checksum/hash algorithms there's no strong proof that after X hashes you can guarantee no collisions in a N-byte space.
Finally, hash algorithms, at least, are designed to be hard to reverse, so even if it were possible it would take an impossible huge amount of CPU power to do so.
That said, for a similar approach, you might be interested in reading about Forward Error Correction codes - they're not at all hash algorithms, but I think you may find them interesting.