This is essentially how modern JavaScript works, in particular with the addition of async/await syntax [1] (which was originally from C#, I think), but it's been possible with libraries like task.js, co, and Bluebird [2] since generator functions were available (either natively or via transpiling).
The main difference is in JavaScript the event loop is automatic and hidden, and asynchronous IO is the default, so it's a bit harder to shoot yourself in the foot.