Using a subdomain as the primary domain

I could probably muddle through this and eventually get it working, but I’m hoping someone has done this before and can point me in the right direction.

I’m setting up a WPMU network, but instead of the network residing on a domain name, the core install needs to be on a subdomain itself. So the setup would look something like this:

Base domain: blogs.domain.com
Additional domains: blog1.domain.com, blog2.domain.com, etc.

Assuming this is possible, how would one go about ensuring everything is set up properly, including the wildcard DNS?

Thanks!