It is possible, it has happened to me a few times.

You will bounce back though, the domain pointing is what takes the longest... I suffered a 30 place loss when switching because it took about 18 hours for the domain to propogate and I suppose Google attempted to crawl the site while it was down!

Yes, It is possible. But don't worry, it just for a few day, and everything will normal again. Just to make sure you're not change the basic info & meta of your web.