I certainly think he could, in theory. Fred's kind of like the right's version of Obama. He's an engaging outsider, looks good on TV, and he's somewhat of a projection board for those that aren't happy with their other options. We're as eager to put the Ronald Reagan mask on him as the left is to put the Bill Clinton mask on Obama. (Which is endlessly ironic, in my opinion).
The difference being, Obama is in the race, and Fred is not. There's not an infinite amount of money, industry support, and time out there. Raising the kind of money you need to become President these days is a full time job, and one you need to start early on. Fred could make a play for it, and give Giuliani a run for his money, so to speak. But he loses ground and time every day he delays. Things aren't like how they used to be. You can't afford to wait until the fall to decide what you want to do. If Fred wants a shot, it's time to step up to the plate and start swinging.
Yup. His window to get into this thing won't be open much longer.
I'm holding some money back as are many others. Fred can join in at his leisure.