Not only is it possible, but it has been done. Dr. Lene Hau has successfully slowed light down to 38 mph, which is pretty slow. Her work can be found here:http://news.harvard.edu/gazette/1999/02.18/light.html
and an video:http://www.youtube.com/watch?v=EK6HxdUQm5s&noredirect=1
The concept of using a thick/opaque fluid medium is understood to refract light and to slow it down. What is happening is that the wave packet the light travels in is being compressed by the refractive properties of the medium. Imagine a plane wall with air to glass to water to glass to air interfaces. Now you point a laser at the plane wall and the laser travels through the air, through the glass, through the water, back through glass, and then through air. The light is slowing down accordingly based on the refractive indices of each corresponding medium, in other words each component of the system, the air, the glass, and the water all act as loose forms of "resistance" or impedence to the lights vector quantities, that is velocity and direction. The frequency remains the same, however the period changes. An example would be our plane wall; the light comes in at a set frequency and period, however once the light goes through the glass its period is compressed, then when it passes through the water, it is compressed further. This causes the light to travel at a fraction of its normalized velocity, 3x10^8m/sec or 186,000 mi/sec.
Now know this to be true, however the reduced velocities are still orders of magnitude away from what the human eye can percieve. That is where the Bose-Einstein Condensate comes in. B-EC is a very strange object indeed. It is a group of atoms that has been reduced to such low temperatures, near absolute zeroe, that they are oscillating in unison. The effect is such that the substrate behaves as a super atom. In other words, the system behaves as one. Now this allows physicists to really put the brakes on light, since the Condensate behaves like a fluid solid that is highly opaque. The effects on light are astounding. For example you could have a light wave that is miles in length, but once it enters the B-EC can be compressed to picrometers, this is a billion scale reduction!