Donnie Darko is a surrealist film but done with Hollywood style. It's likely this is part of the critical acclaim it had when it was first shown, since its not often that Hollywood does surrealism.
One ought not to take the events literally. Surrealism, for example talked about a dream-like world as a higher form of reality, in the sense of laying bare human propensities to the darker side of life; but it can be pushed too far...