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/
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.