Seems to me that there are actually two questions here. The first is "can the calculations that Pixar do when rendering be done in real time on current hardware?" The answer to that is clearly "hell, no".
But the second and more interesting question is "can rendering done on current hardware look as good as Pixar rendering?" The answer to that seems a bit more ambiguous. The original Toy Story really doesn't look all that impressive any more (to my eyes, anyway). Pixar's later films would present more difficult problems: in Monsters, Inc. there's the question of the procedural animation of Sully's fur, and how on Earth you can render a space several miles across; in Finding Nemo there's the issue of rendering a scene underwater; and The Incredibles presents a whole host of problems (procedural animation of human hair and cloth, for instance). But the original Toy Story seems like a target that probably could be achieved fairly soon. We won't be able to produce something that looks the same, but we will (I suspect) be able to produce something that looks just as good (at least in terms of rendering - not in terms of the animation).