reaching way higher than you are qualified for?

fellow designers, i have a question for you all.

what do you do when you stumble upon a job posting for what seems to be your dream (or ideal) job, for a company you really enjoy and support, however the experience desired is beyond your level experience?

do you still apply, just to say, “yeah i applied!” and maybe even actually get a call back to interview?

or is this professional suicide, knowing your experience does not necessarily match the qualifications requested?  “very experienced” is relative, after all.  right?… right?!  or am i reaching too much?

thoughts?!