Is it possible to connect 4 Razor IMUs with 1 single Arduino Mega 2560?

I2C Mux with SensorStick - do you have a link to Sensor Stick? I am not familiar with it.

How good is your coding? If multiplexed, the 328 on the IMU would need some reprogramming to set up a protocol to let each one know when to send data out.
You might be better off with a Serial Port mux so the Mega would control which IMU it was talking to vs modifying the IMU code.
Two quad-AND gates and a quad-OR gates would do that:

It is necessary to avoid sending the data at once, right? I would like to know more about this, but I have not found any significant examples of code for this. By any chance, if you know some references, I would appreciate for your information.

Thank you.