Is it possible for a person live with congestive heart failure?

Yes. There are treatments, medications for the most part, that control the symptoms so that one can live a long time with heart failure. Heart failure can be mild or severe so it depends on how severe the problem is.
Yes. It depends on the reason for the chf. Some CHF causes are reversible, others are managed by medications. Some people will live for many years with the condition of chf, as long as their fluid intake and medical status are closely managed. CHF patients can be at risk for life threatening heart rhythm problems, so they may be recommended for an internal defibrillator.