Can your neighbor do this? Probably.

2006 US Air Guitar champion "Hot Lixx Hulahan"

Apparently this guy lives near me.  Last year, he even won the 2008 air guitar world championship.
Yes. There's a championship for that...  Maybe the YouTube clips don't do this sport / art (?) justice but it seems like pretty much anyone could do this and be a potential world champion. And you wouldn't even need to eat your Wheaties...