Honestly, I think that playing such a game would officially define you as legally crazy. You go to work (or more likely class) and experience your day-to-day life just so you can come home and play a game that's.....your day to day life.
Wouldn't this mean you could buy the game inside the game and play yourself playing the game? As for everyone saying "I'd play it just to try stuff out and experience it for myself." Well you're limited by what you can do/afford in real life. The only fun that could be had in this game (since you can reload your "character") would be to go straight up GTA and go on a crime spree, seeing how long you could last in "incredibly realistic situations" before your busted or killed. I mean think of how boring the "main questline" would be: go to work/class all day. Come home. Watch a movie. You'd officially be watching yourself live out your life, and I think that if you'd find that entertaining then there's something seriously wrong with you.
Edit: Oh, and in order for it to be as realistic as possible, there could be a save-and-quit function, but no straight up save and reload function. If you die, you can never play the game again. If you do go all GTA and go on a crime spree, get caught, convicted, and sent to prison for the rest of your life with a "very friendly" cell mate named Bubba Thunder Crotch, then that's where your character will be until it gets shanked in the showers for being a snitch.