@sukhan, yes, it is possible.
If you are continuously backing up your prod database with scheduled differential or transaction log backups, it's best to copy the BAK (and if using them, TRN) files, then restoring from the copied files. This will prevent a failed backup of your production database if you are restoring from a file that the prod backup expects to use.
Another option is to take a fresh backup using the COPY_ONLY option. This will not break the log chain for your regular backups.
If you are restoring your copy to the same server, you don't have to worry about logins. If you are restoring your copy to another server, you have to make sure that the appropriate logins are created on the target server. To discover the logins required by your database:
SELECT
db.name as [db user],
sp.name as [login]
FROM
sys.database_principals db
INNER JOIN sys.server_principals sp
ON db.sid = sp.sid
When using Contained Databases under SQL Server 2012, this login step may not be necessary