Yeah, it is possible. My only weak link is modelling. I used to use milkshape and lithunwrap but it just never turns out particularly good looking.
TCA is right to an extend. If you can master the lot, then you're at an advantage, because you're your own boss, you're own time manager, you can do whatever you want, when you want, and most of all you don't have to rely on anyone else. And the internet can be a difficult communication barrier, especially when people come from different time zones.
The more skills you can master yourself, the better, although it helps if you were interested in them from a young age. I've been programming sinse I was about 12, and have since done it for A Level, and then at degree level, which has made me very competent with code. Similarly, I've been writing electronic music for around 10 years as another key hobby, which has helped me learn sound engineering. I've also been making websites, and messing around with graphics packages for god knows how long, which helps me with 2D art.
I used to mess around writing huge stories when I was a kid, and I've always made use of flowery vocab, so I found I have an aptitude for story writing.
When you add all that up, the only really weak links I have are 3D modelling and texture making. So I learnt to make textures, and now using texture generation proggies, and some editting I can do that pretty well. The last hurdle was modelling, and I sussed it all out. I can make models, animate them, export them etc. But I will admit, modelling is one of the few skills on that fair large "needed skills" list that is difficult to do well. By modelling I mean, creating the meshes, texturing them, setting them up so joins bend properly and animating them. That's a tricky skill, and one I've never really pushed myself to learn, so it's still my weak link.
But overall, I think 1 man is enough to make a decent game, as TGC said. But you do need to learn a lot to do it. I'm lucky in that games making isn't new for me, and lots of the skills you need I've been practicing sinse I was young, which means the door is wide open. There are a few other people here like that. The people who can code well and model well are in the best situation though.
I reckon, in an ideal world, a team of two is workable. Two people, who have most of the key skills, but cover each others shortfalls. For me, my ideal co-game maker would be someone with skills everywhere, but specifically good at modelling. Sound and music is my "special ability" as an all-rounder. hehe. Actually, would be cool to find a like-minded/like-skilled person who wants to team up as a two. I've worked with a few people like that before, and its very productive.
Right, finished gabbling. Last thing, cos that sounded like a fight sim. Fight sim style run down (imagine cheesey music and a selection screen for multi-characters):
Name: Fallout
Height: 6'2"
Weapon specialties: All game programming skills
Weakness: 3D Modelling
Special Abilities: Electronic music creation, and sound FX
Signature? No! Obsolete! These days it's all about chip and pin!