Is it possible to meet with Prophet Khidr in real life instead of a dream since he is alive and lives amongst us? If so, how can it be done?

Yes it is possible with taqwa and all based on will of Allah.
No doubt meeting of one prophet is a good thing but actual goodness to follow his instructions and obey his commands
There were many people they met but they were his enemy or opposed him.
Obedience of prophet and Imams is an important thing which Allah wants from me.