I'd say you can definately learn. I'd suggest you work through the fundamentals courses. If you work on it every weekend you will progress, but you'll make better progress if you can fit in even 10 or 15 minutes every week day. Many well know rock songs use only a few "power chords" and these are easy to learn so you should be playing in no time!

Don't worry about the guitar. I played originally on a cheap Kay strat copy in the 80s. "cheap" guitars are way better nowadays.