When you go to sleep and are in a state of dreaming, can you see, hear, touch, smell and taste things? Are the objects you touch as solid as in the physical world?

In experience, there is no difference between the dream world and the real world. What you imagine is in every way as real as what you experience in physical reality. There is a way you can tell when you are in the dream world though. It feels different, there is a different frequency to it.

When you are conscious that you are dreaming, you are in a lucid dream. You can control the dream in anyway you want according to your will and belief. If that is possible in the dream world, it is also possible in the real world.

The difference is that the mental plane responds instantaneously to your thoughts while the physical plane is much slower in playing them out. That is because the vibrations of physical reality are denser and hence the grosser forms of matter are slower to change.

Things on the physical plane take time to manifest but things on the mental plane manifest instantaneously the moment they are thought of. The mental plane is not affected by time the same way as the physical plane. It is concentration of thought sustained over time that brings an idea into physical being.