It's possible, to be honest it's about to get real. Oculust Rift is the most possible gadget for gamers to be able to feel the Virtual Reality games, there are only a few games playable for it though, it's keep on developing and such.
It's going to be real soon, just need some more time, well there's no limit in humanity's intellegence and creativity, it's 99% possible. The thing is, either the game that kinda like Sword Art Online is going to appear/release or not. There are a lot of mmorpg games already, but it's hard to find an anime mmorpg these days, with good quality and stuff. So, let's just wait.
I'm kind of looking forward to it aswell.