A way that I've never seen done. But yes, if a spellcaster wanted to give up his action to read an action to counterspell specific individual who casts counterspell, they could possibly react, and since it's a game I'd just let it happen.
Maybe you are, but I'm not. I'm talking about the ability to not only perceive an event happening in a fraction of a second, but perceive it in time to react yourself and then beat that fraction of a second with your own spell that has to end before the first fraction of a second is over. None of that is magic. It's physical perception and reaction. The magic is what happens after you do those things.
There is. Let's get a group of people together in a mosh pit. Then during the moshing you have to not only see someone raise a fist at you(takes a fraction of a second), you then have to react by raising your fist first. That's what you are saying can be done.