Is this really possible?

I think that some part of a movie are happening to some people, at some place, somehow, sometimes, some day, anyhow. If you are not getting enough sleep, then one of these days, you will suffer the consequences. It may not be immediate, but the body is programmed to have a good night rest. Your job may provide for money but you will be using those money later to spend it in yourself when you are sick. I hope that you take care of yourself more than a job.

I do think that due to the emasculation of men in our society this movie could become reality, that combined with the over drugging and sleep deprivation that are rampant, makes it more likely.

I think prolong deprivation of sleep can cause health issues. They probably wont be immediate ones but they can most definitely affect you in one way or another somewhere down the road. I don't know whether you can hallucinate as much as Edward Norton did in Fight Club but that's definitely a scary thing to think about.