I'm going to add my two cents here just for the heck of it.
Can it be done? Of course it can, however, I think really defining the end goals and what it means to be "done" is a necessity. Are you looking for a completely polished end result with foliage, atmospheric effects, day/night cycles, encounters, NPC's, etc? Or would you be happy for an open world with a more of a run-through or fly-through strategy?
The main obstacle isn't going to be the shiny, the sparkly, or the otherwise refinement, moreso, the main obstacle will be deciding HOW you will store and render the world data. What types of data structures will you use? How will the current and adjacent areas of the world be loaded/unloaded? How is visibility, particularly for distant areas, going to be handled. Those are some of the main obstacles that are going to be fundamental to a project such as this.
Look at Turbine; they created Asheron's Call (which is STILL my hands-down favorite game of all-flippin-time) which consists of an enormous seamless world on the scale of which I have yet to see outdone. And I mean the gameworld is expansive and seamless in every direction. You can be anywhere in that game, pick any direction, and run. You can start from the south shoreline and run in a straight path to the northern shoreline, traversing rivers, forests, deserts, and mountains in the process. You can get utterly lost in swamps. It's really impressive, unlike more modern games, like World of Warcraft which give you the illusion that their world is seemless, but in reality, is a small space that is divided by borders or mountains which herd the players in one direction. It does seem like an expansive and sprawling world, but try to explore. Try to find someplace that's never been seen before. Try to journey to that blip on the horizon. In WoW you can't, in AC you can. And that is what I love more than anything about that game; the exploration and lack of structure. Phew, excuse me for that tangent, apparently my passion is showing.
Back to the topic on hand. Turbine did all that, created an online world that still trumps anything out there, with a core team of 5 people over the course of about 5 to 6 years. All college students, giving, sleeping, eating, and breathing the development of this game (which took place in the home of one of the founder of the company, causing his mother to move out, lol). However, what you need to remember is that they were 100% innovative and created something that had not been done before. From the graphics engine, to the network code, to the load-balancing mechanics; everything that was done was done so from the ground up using C++. It required nothing more than dedication, commitment, and the ability to think outside of the box. The learning process was a by-product of that.
I love the story, and consider it my calling, missed. Haha! Heck, before kids, wives (yes, plural), and "real life" I totally would have a sleeping bag on Jon's floor too. At any rate, it's a story that continues to inspire me to this day.
http://www.mit.edu/~jonmon/Business/Turbine/
So the moral of the story is: yes it can be done, provided that you are willing to be innovative, committed, and think outside of the proverbial box! If it's your heart's desire, I say chase that dream! I have yet to do that, myself.