possible... but there are a lot of things u need.
first, u need a whole group of ppl.
u need time, these ppl need to spare out lot of time to work on
it
u need a place(with the equiments required), for the group to do
things together, working seperately at home is not very good for
team work.
u need abilities from ppl of ur group, abilities in programming,
graphics design/process, create music/audio effect, design the
logic of the program.
And most important, as the topic says, u need a good idea for the
game u going to create.
before u try to create a game, u can try moding first.
try to create ur own mod car in GTA, then u will know how many
works need to be done for the gamers to create all the cars in the
game. and how many more works need to be done for the maps,
objects, player/NPC models, the game engine itself, the missions,
the logics, etc.