You absolutely can, but the speed of light is still going to be a limitting factor for RTT latencies, acquiring and releasing locks, obtaining data from memory, etc.
It's relatively easy to have it work slowly (reducing clocks to have a period higher than max latency), but becomes very hard to do at higher freqs.
Beowulf clusters can get you there to some extent, although you can always do better with specialized hardware and software (by then you're building a supercomputer...)