Rapture is an underwater city, located in the north Atlantic Ocean somewhere between Greenland and Iceland. It is only accessible by a system of bathyspheres.
Is the city of Rapture possible?
Rapture is about 2000m below the surface of the ocean, which means it's under some 200 atmospheres. And before you ask, yes… that's a lot. Too much, in fact, for Rapture to exist in the form it appears in BioShock. Way too much to have windows as thin and unreinforced as what you see in-game.
How far down is Rapture?
Based on its geologic setting, the limitations of human engineering, and the marine species found swimming and crawling around the city, the base of Rapture is no more than 150 meters from the surface. The tallest buildings in Rapture can be reached with an OpenROV.