I'm assuming when you say "dreams" you're talking about a goal for the future and the like.
Yeah, it's possible to not have one. If you aren't able to come up with one, no matter how outrageous it might seem, it just means that you're at a point in your life where you're trying to determine what you want to do with your life. Once you have an idea of the direction where you want your life to go, then possible goal ideas will come to you.