Is it possible for a website to have 1% bounce rate?

Not really. You'd have to have a website which was for you and your mates but where the info everyone wanted was on page 2 or something. Anything else and you would have a higher bounce rate.

I have never considered this until I stumbled upon the this old thread. Theoretically, it might be possible, however, practically quite impossible, I guess. My bounce rate is usually between 40-60 percent, which I believe is satisfactory. I am trying hard to reduce the bounce rate, however, the task seems very tough.