I've seen it done. It looks pretty easy as long as you have a few essential pieces of equipment. Mike and I went to this brew shop open house a long time ago and there were some serious enthusiasts who had some really impressive rigs.
The tough part for me would be doing a full five gallon boil. We always have done a 2 gallon concentrated boil then watered it down in the primary fermenter. Having a pot large enough for a 5 gallon rolling boil would be a unitasker in my house that would be space-eating to store.
The upside is that a pot that big gets a lot of use. I use mine for stock, soups, dissolving body parts in acid.
I've been listening to this album a bunch this week. So much so that I kept singing "You got those lawn chairs. Keep dreaming of your goddamned lawn chairs" while I was cleaning up after our fourth of July party.