Any two positive integers $a, b$ have a least common multiple: this is because $ab$ is a common multiple, so the set of common multiples is nonempty, and any nonempty set of positive integers has a least element (by induction).
For reals, things get messy depending what you mean. Unlike integers, reals make division trivial: if $a, b$ are (positive) reals, then ${a\over b}$ is also a real. That is, any positive real is a positive real multiple of any other positive real, so "divisibility" in the context of the reals is trivial.
That said, I suspect that what you mean by "common multiple" of two positive reals $a, b$ is some positive real $c$ such that the ratios $c\over a$, $c\over b$ are both integers. In this case, the answer is no: such a $c$ need not exist. E.g. take $a=1$ and $b=\sqrt{2}$; since $a$ is rational but $b$ is irrational, no such $c$ can exist.
(Why not? Well, $c$ would have to be an integer multiple of $a$, hence $c$ is an integer itself; but no nonzero integer multiple of an irrational is an integer!)