If there truly was an infinite amount of time and monkey, yes, it could happen. However, we know that time and monkeys are both limited. Let's say that the universe will be gone when there are no more neutrons. According to this article, that will be about 10^40 years. There are approximately 4*10^78 atoms. And let's just say that an atom monkey can type at 10^15 keys per second. Let's also assume that there are 40 keys on a typewritter (26 A-Z, numbers, period, comma, semicolon, and space). That'll give the following:

There will be 4e783652436001e15 key strokes per atom, giving a total of 1.26e101. There would then be 5.05e177 key strokes. 40^108=1.0531e+173. That means that there would be segments of around 108 characters of Hamlet around, but certainly not the whole work.