Can I possibly compete?

Quality link and pure content will help you on that.

 

First step: Write optimized content on your website, targeting the right keywords but also similar words
Second: Rebuild your site, make sure your site is structured the right way.
Linking: Internal linking for your site
Inbound links: If your competitors has 200 K links, check where the links are pointed to. Lets say 190k of them points to the main site and rest (10 k) goes to the page you are trying to rank for. Depending on the age of the site, my experience from past is that 50% increase or more will be more than enough. But then again, think about deep linking.

 

it's possible,but that won't ever happen overnight you need to be dedicated!

 

Slow and steady. Get as many links as you can and you'll get there. It is not impossible. =) Best of luck.