Anything in technology is possible.
The same way as 20,000 legues under the sea from Jules Verne shown an electric nuclear submarine in the time where the only sea propulsion was steam, holodecks will became an reality as people will need them and develop the necessary items to build one...as an extremally fast computer with an enourmous memory and storage capacity, an mater/energy converter, lots of available power, and of course an need of entretainment and clients to produce such a device.
Of course, maybe will take us 200 to 300 years and 10 or 15 alien life form on interestelar contact...
Well, with only an hour to spend it was a hard decision, but I've finally come up with the ultimate answer. Star Wars all the way- First grab me an X-Wing and go save the ice planet Hoth from imperial invasion (20 min), go meet Yoda at the Dagoba system and take his light sabre (10 min), drag my X-wing out of the muck and destroy the death star (15 min), and go duel Darth Vader (10 min). Now, that leaves me a whole five minutes to get to my celebratory celebration and give Leia a kiss before the time is up.
I would always remember that I saved a far away galaxy a long time ago and I think I would have a blast. I also think that the technology will someday be available, but I also think that I would never make enough to pay for an hour rental with a custom program.
Most of the stuff on star trek is fake and it's noticable. Anyways if I had one hour on a holosuit I would definitely do a mix of magic and scifi juxtaposition type storyline. Then I could shoot a laser and cast paralyze on someone. Although I like the bases to arcanum where science and magic are in the same time and space. The difference is that magic is nullified when science is more widely used in an area, where as gadgets malfuction if there is more magic usage. Anyways I would totaly be in that world for an hour and save cities or maidens in distress.