Could you create a magnet in shape of a hollow torus and magnetize it so that the interior is south and the exterior is north in order for it to act as a monopole? Is that possible? Thanks
No, you can't :)
There are no monopoles, I mean, if Maxwell's Euqations are correct, which is the state of knowlegde.
They say, that... well here are some formulations for equivalent statements:
- the divergence of B is zero
- microscopically there are no monopoles
- the magnetic field lines are always closed loops
The picture of field lines has some problems , but is most vivid, and will suffice now. In your proposed monopole (the shape is irrelevant, by the way, why a torus?), all field lines go into the torus, but where should they go then, if they are not allowed to stop?!
Of course you can take a lot of bar magnets and glue them together to any hollow shape. But "the south pole" will not stay inside, all the field lines which went in have to go out somewhere, and will "annihilate" with the incoming .
 - with field lines, you do not see what happens when you have a superposition of two fields and the lines of the original fields cross... you have to think of them as a sum of vectors then.
 - Not neccessaryly in every point, but averaged. If the shape is a sphere, there will be no field at all, with a torus... there will be so quadrupole field left, I guess.