It may TECHNICALLY be possible to have a O(1/n) algorithm, but only a very stupid one.
O notation gives you an upper bound on the complexity, so a O(n) algorithm can also be legally be called a O(n^2) algorithm. Thus, I suppose you could consider a NULL algorithm that does nothing regardless of input to be a O(1/n) algorithm.
Since a blank algorithm that does nothing requires no time to run (in theory anyway), I guess you could consider it to be O(1/n) since zero is always <= 1/n even in the limit as n -> infinity.
However, I don't see how any such REAL algorithm could exist, since O(1/n) would imply that the algorithm takes no time to run on an infinite input.
Anyway, ignoring infinites for a moment, its still impossible to have anything run in O(1/n). As one of the above posters said, you might be able to do it for a little, but sooner or later, no matter what constant you have hidden by the O notation, your still gonna be screwed eventually.