Yes you can, however how long the bubbles remain is the important question - this known as foam stability and the science stems from my favourite pass-time - beer making. You can frothy water for a few seconds too but the foam is incredibly unstable. This has been the basis for much food science work and basically it revolves around fats, gases, proteins, sugars etc present in the liquid and in what quantities however the most important aspect is the protein. When mixed, proteins entangle and encase each other (known as electrostatic interaction and denaturing) into bubbles, which is why whisking egg whites forms such a stable foam. It's these protein bonds which produce a decent foam. The more protein, the better the foam.
Now foam will collapse in on itself in the presence of lipids - fat is a lipid which explains why skim milk foams much better than full cream milk - because it has a better ratio of proteins to lipids. However a little bit of fat does help to create a stable foam in some cases but that gets rather complex to explain.
The other thing to think about is temperature. Room temperature liquids will create a foam much better than very cold liquids because at room temperature and higher, the proteins are already unravelling themselves. Lastly for tonight's science lesson, if you're trying to whip up a mixture that has sugar in it it will be rather difficult because sugar is hygroscopic, which means that it attracts and holds on to water molecules. These water molecules get in the way of the proteins and prevent them from foaming up. This is why when you beat egg whites or creams you always add the sugar towards the end of the process.
Hope this little bit of science helps you out...
Oh and btw, if you want to froth up some stuff very easily just add one leaf of gelatin to the mix and stir it in thoroughly. The mixture will foam brilliantly. You need to make sure that you soak the leaf gelatin in cold water though and then add it to warm mixtures to dissolve. Otherwise if the mixture is cold, then soak the gelatin in cold water, then mix it into a small amount of the mixture you have that has been heated up, then add that mix to the cold mixture while stirring constantly...