No, Laberge has pretty proven that your concept of time during a dream is very close to the actual time. My experince matches this, I have had enough times when I looked at the clock before LD and after which matched my perception of elapsed time. If there's a difference is not neraly that much. This idea worked well for the movie, but is not based on reality.
Have you ever had a dream, Neo, that you were so sure was real? What if you were unable to wake from that dream? How would you know the difference between the dream world and the real world? Morpheus