I say definitely - go for it! I've been learning (on and off) by myself since last July and I'm coming along fine. Not quite Kirk Hammett or Jimi Hendrix yet - quite a while away yet

A few pitfalls though - it can take ages trying to find info and many, many, useless printouts before you learn to judge what's important. I recommend getting a couple of books to help you along. The two great books I got on recommendation were "Play Electric Guitar" by Tony Burrows (with a cd to practice along with) (ISBN 0-312-24417-7) and "The Guitar Handbook" by Ralph Denyer (ISBN 0-330-32750-x). The last one is suitable for all levels and covers all the theory - from what to learn first right up to all the chord formations, notes, scales, etc. I couldn't get them local so I ordered them off Amazon.co.uk
If you want to download guitar tabs try
http://www.mxtabs.net/guitartabs.php for text tabs, or download the excellent free Powertab Editor -
http://powertab.guitarnetwork.org/ and then get the Powertabs at
http://pta.bandtabs.com/ and
http://www.mikesguitarsite.co.uk
What you're going to need the most is a lot of patience - first it's frustrating trying to learn chord switches, and then when's it done, it's nothing. Then trying to pick up speed, and so on. But stick with it.
Good luck!
Michael