The recently proposed superposition codes (SCs) have been mathematically proved to be decoded at any rate below the capacity, for additive white Gaussian noise (AWGN) channels. The main objective of this paper is to study the feasibility of a novel SC approach as an alternative to the traditional way of designing modern physical (PHY) layer schemes. Indeed, currently, PHY solutions are based on the decomposition into two separate problems of modulation shaping and coding over finite alphabets. Since superposition codes are defined over real numbers, modulation and coding can be jointly realized. Moreover, a fast decoding method is developed and tested by comparing the obtained results with both the uncoded system performance and two approximate message passing (AMP) algorithms. Finally, possible perspective to fifth generation (5G) applications exploiting SC solutions are outlined in the paper, and some interesting relations with sparse signal recovery are analyzed for further future research lines.