This kind of requirements are very common on the forum and other community. You can google them by querying SharePoint cascaded lookup. Or check out this web part I am using by going http://www.sharepointboost.com/columnpermission.html
It is definitely possible, yet you need to code it or add some third party tools like SharePoint Cascaded Lookup.
If you want to get your hand dirty, I hihgly recommend you to take a look at MSDN and search BUILDING PARENT CHILD RELATIONSHIP LOOKUP COLUMN, there are lot of such discussions if...
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