The one real obstacle to creating such a simulation ourselves is having thus far not figured out how to great a true general artificial intelligence. I'm not convinced we are terribly close to doing so either. However, once such a thing is accomplished, it is conceivable we could create a simulated environment for one or many such AIs though not necessarily one we could enter ourselves. Such a simulation could be created now but we wouldn't be able to perceive it as we perceive the "real world".
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