It is possible, I have seen bands with more guitars than 3 (including bass). But, I have to say, they tend to create a wall of sound. What I mean is that you are almost unable to distinguish separate instruments.
You can always try, find a good balance. 2 guitars playing exactly the same tune is not the way to go in most cases.
Zwan has 3 guitarists.
Dire straits has atlest 3 I think(I might be wrong)
MY band. We only have 2 guitars ,one bass, one drummer. IF you have a hard time with 2 guitars its gonna be a 100 mile sprint through hell trying to get 3 down.