Holo deck ftw!
With the current level of technology its not possible for the foreseable future.
When technology makes some trides (and by this i mean at least 1 or two centuries) maybe. It would either be neural based, so you actually play in your dreams (but that sounds risky), or it would be something akin to the holo deck on star trek. The technology just needs to permit that a bigger space on the inside than on the outside (doctor who tardis like) and beeing able to generate objects that can be perceived as real.
Cetainly no easy task, it might be much further than i am predicting.
Sooo, if you think sword art online or .hack are gonna happen any time soon... no. At best you get this visor with 360 degree vision and a good old controller. Doesnt sound THAT appealing though.
Would i want to play it if the technology was here. If it wasnt dangerous then hell yeah...