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Last I heard the Nook Touch does have a web browser and it is possible to access it. You can browse with it but you read anything you download. It doesn't save the file in a location that is accessible by the reading software. My guess is you will need a rooted version with something like FBReader to actually read books downloaded with the web browser.
Have a look in the Nook forum. You'll be able to find more info about using the web browser and its limitations in the Touch there.
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