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As others have said, it is most certainly possible.  And for large amounts of USD, $50,000 and over, it would be easy to find a someone with the knowledge and verified accounts to help you facilitate such a transaction.  I personally would be willing to help any large investor set up a secure offline system and help them convert *any* quantity of USD into bitcoin.  If you want to pay me, I'll even fly to your location and we could work on the details in person.

When you are trading on a market exchange like Mt. Gox, settlement occurs immediately.  In other words, every bitcoin that you buy is transferred to your exchange account immediately.   There is no delay on settlement, there is no cancellation, etc.   The bitcoins are credited and sitting in your account balance.

Now when you withdraw those, you are simply making a request to the exchange.  Your exchange account is a hosted (shared) E-Wallet account.  This means that you don't control the wallet.  The E-Wallet provider controls the wallet.    So the bitcoins you requested to be withdrawn are sent when the exchange/E-Wallet provider processes your withdrawal request.  That normally is relatively instant (e.g., in under a minute or a few minutes).   Because of security precautions, they may occasionally run out of coins in their hot wallet and may need to retrieve more funds from cold storage.   Think of this as withdrawing cash from a bank teller.  Smaller withdrawals can be handled normally, but sometimes large withdrawals require a delay as the funds need to be moved from more secure storage.    That can be a delay up to several hours or a little longer, depending on how the exchange/E-Wallet provider manages their cold wallet.

As far as your local wallet, (e.g., running Bitcoin-Qt/bitcoind), there is no limit as to how much it can hold.  

The exchanges all have daily withdrawal limits due to AML restrictions, so if you were to buy 10k BTC, that entire amount couldn't be withdrawn all at once.  At Mt. Gox, for instance, the limit for verified accounts is 1,000 BTC withdrawn per day.     A higher limit is available with an even higher level of AML verificatoin called "trusted" status:
 - https://support.mtgox.com/entries/20919111-AML-Account-Statuses

If your question has to do with what impact on the market do purchases of these size cause?  It depends on the exchange.   At Mt. Gox even you would probably want to stagger a 10K buy, or not, depending on market conditions and your preference as to how soon to complete the purchase.   Clark Moody site has a calculator to show "slippage", so you know how much it costs for a larger purchase.
 - http://bitcoin.clarkmoody.com  <-- Click "show calculators" and then enter the dollar amount you are looking to spend.

Coinlab is intended for primarily HNW customers.

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there is no "theory". you can either buy at the exchanges, where you should avoid slippage (google "slippage"), or find some individual and discuss the price. that's it.

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you should PM "Loaded".

Episking- will sell ya 4000 BTC for a cash to bank deposit at 4% above gox-last in OTC market without having to wait a month+ to be verified at gox

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He is probably not asking about an exchange account, but about Bitcoin wallet itself. It's hard for some newbs to realize there is no supervisor deciding what you can use your wallet for.

The answer is - if you find someone who is willing to send you thousands of BTC to you wallet, he will be able to do so. And you will be able to spend them without any problems. There are no restrictions for that.
But remember to create secure wallet for that. For 5000 BTC I would consider using an offline paper wallet. If you really want to buy that much BTCs, even a dedicated laptop/smartphone is a good idea

Suggest that you first test buy some small amount to verify it works, or even better, divide that big amount into small batches to get a better price. If you just put a 5000 coins market buy order on MtGox, it will push the price upp quickly so that you get a bad entry price overall

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You have to verify your account at Bitcoin Central or aren't able to send in a lot of money.
I guess that it's the same with most other sites.
Also be prepared to wait a long time for the verification process, there is a long queue.

But I guess you could try to find someone outside the exchanges to make this deal (like meeting in RL)

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