to settle an argument at work. Is it possible, in theory, to create a network protocol with ports higher than 65535 and get it approved by IANA ?
if not, why not ?
Yes. It is possible to create one with an arbitrary number of ports.
Getting it approved by IANA (and IETF, ISO and whoever else are concerned) is just a matter of getting enough people to use your wonderful new invention. Which is extremely unlikely but not theoretically impossible.