Not really.

First of all she needs to become at least an unconditional permanent resident, then she can sponsor you in F2B, if she naturalizes in the meantime the petition can be upgraded to F1.

Problem being that in neither case prior illegal presence will make you ineligible to actually obtain a green card. Only exception here being 245(i), which requires you, parent, or a spouse (of the time) to had a green card petition or labor certification filed on or before April 30th 2001.

In other words: Unless you have the 245(i) coverage from back in the day, the petition won't result in a green card unless the law changes. Will it? I really doubt it.