|MadSci Network: Neuroscience|
Cool, yes. Possible, no.
The problem is that the brain stores experiences in local circuits of neurons, and these storage patterns are likely to be idiosyncratic between individuals.
At best, we could pin down where a memory lived -- by recording activity every time the memory was recalled, and evoking the memory every time we stimulated a brain region that had shown activity. Still, the only person to experience the memory would be the person receiving the stimulation.
Sensors at the eyes wouldn't help. The eyes move during REM, but they don't gain an ability to project images.
The following links will give you some idea of the technical problem.
Right now, the best way to get dreams on screen, or on stage, is the traditional process that begins with writing a script and rounding up actors. Does Empire State College have a theatre group or film classes?
Try the links in the MadSci Library for more information on Neuroscience.