Could there (is it conceivable/possible) be an alternate reality/universe (a
Why not? We can conceive a nice large space filled with moving matter, all as in our universe, except that the laws of nature vary randomly in space and time -- which is really to say that there are no laws of nature. You could still use geometry to describe the trajectories of objects, but you could not simplify these descriptions with general formulas that cover, say, the force that objects exert on one another. Nor of course could you project any descriptions into the future (predict what will happen) nor even describe with any accuracy what is happening elsewhere or what was happening in the past (because you would have no firm ground for reasoning backward from the data you have to their origins).
So it seems that we can conceive such a world. But whether a cognitive subject could have experience of such a world, could hold it together in one mind, that's another question, one that is very interestingly examined in Kant's Critique of Pure Reason.