I got about 2 hours of sleep last night, and I'm just now getting ready for bed. It's 2 AM Wednesday here, and I've been up since 6AM Tuesday, after being up from 1:00PM monday to about 4:00 AM Tuesday the night before. Ordinarily, an amount of sleep that small would be worse than no sleep at all, but I meditated before going to sleep, and I'm pretty sure my body never went past a light doze as a result; I certainly didn't hit REM sleep last night. That said, I usually get more sleep than that, anywhere from 6-12 hours of sleep a night, but with frequent all-nighters mixed in. Ah the joys of being a college student...
To answer the question in the OP, I can function on very little sleep in a 48 hour period, but it takes copious amounts of caffeine to get me to do anything productive past the 30 hour mark, or to get me up in the first place if I allow myself to go into a deep sleep for less than 4-6 hours minimum. A light doze can be a great pick me up, but a deep sleep is tough to wake up from unless you let the cycle complete.