Academics have been fooling around with this for years. Heck, our very own Bret Faucett set up an "ICANN Island" in Second Life almost 10 years ago. It wasn't good/stable enough back then. But maybe it's time to try again.
Here's a cool product that might be a way to do that http://www.oculusvr.com/ But even a better version of Second Life would be a game changer for people who will never be able to afford to travel to face-to-face meetings.