Hello. Is it at all possible to create a Gore system similar in vain to games like Soldier of Fortune & Postal 2: AW7? If so, how? Thanks in advance.
Yes, you can do pretty much anything with the engine as long as you have the skill
Well, if UE 1.5 can handle gore and blood in Postal 2 mod, I could only imagine what level of gore you could reach in UE4 
You’ve got a fairly broad question here. This will require a lot of ground work to setup and get in your game but it certainly is doable.
Some of the things you’ll need to be familiar with in order to setup a gore system:
Blueprints for setting up the the character to handle all the effects and dismemberment
Materials and Cascade for the gore effects.
Modeling and Animation for setting up your rig for your character.
These are the basic systems you’ll need in order to get your gore system working. As darthviper pointed out this will require skills in these areas. If you don’t have the skills or are just starting out in some of the areas make sure to ask some specific questions once you start with this. Specific questions are much more easily addressed than a broad topic like “How I make something like this (Game)?”
There is a very helpful community here to help out and having refined questions helps others help you more readily. 
Tim
Thanks Tim! I needed this info too 