Is it possible to construct a smooth action of $S^1\times S^1$ on $S^{2n+1}$ ($n\ge 2$) such that no point on $S^{2n+1}$ has an infinite stabilizer? 


Note that if such an action exists, it can not be linear.



Pseudofree $T^2$ actions on spheres
There is a bit of a disconnect between the title and the actual question. Usually a semifree action is one in which the only isotropy groups are the trivial group and the whole group. The actions with only finite isotropy groups, in the body of your question, are often called ``pseudofree'' actions. If a torus were to act pseudofreely on a sphere then a subgroup of the form $G=\mathbf{Z}\_{p}\times \mathbf{Z}\_{p}$ for some prime $p$ would act freely on the sphere. It is well-known that the latter group cannot act freely on a sphere because such an action would imply that the group has periodic cohomology, which $G$ does not. See Bredon's book *Introduction to Compact Transformation Groups*, for example.


