Yes, aside from electricity cost, you can generate Bitcoin.

The next concern would be the cost of the equipment that is capable of calculating the coin in a reasonable amount of time. For example, let's say that it would take you $5,000 in hardware to produce BTC4/month, this would take almost a year to break even. You could say that in that time BTC/USD value will rise, but with that rise you will see an increase in mining activity and a coresponding increase in mining difficulty. There is math out there that you can do. I found this site to be a useful start: http://tpbitcalc.appspot.com/faq. I have just gotten started myself, so this is only the most basic of explanations. My guess is there is a wealth of good information on the forums here.

Good luck.