Absolutely! At BitBuffet we've offered an easy method for you to add products without a set price that allows for your customers to choose a price they think is appropriate. Progressive bands like Nine Inch Nails and Radiohead both had great success and coverage with their "pay what you want" albums.
Additionally, some game developers, like 2dBoy, have had success selling their items with a "pay what you want" pricing scheme. A great tip is to widely publicize your "sale" and hope that some bloggers will pick up on the great value. This is a great way to reach out to potential customers that would have never found you otherwise.
Creating a "pay what you want" product is very simple! Just put your price as 0 when you create your product! This will give the customer an option at checkout to choose their own price.