Sure, if it's well-organized, and you can get some attention for it. Live music is always best, especially when musicians get together socially.
I live in a pretty large city, with several world-class venues for performance. But the best times are when various musician friends I know get together in a small club,
rented hall, or (in the summer) just someone's back yard.
It's fun, relaxed and friendly; and once you get a few people doing it, and the word spreads a little, it can be a whole lot of fun.
All it takes to begin with are determination, and initiative, and you could be the one that starts a great tradition. Start small and don't get discouraged.
Believe it, and make it happen. (Musicians sometimes need some prodding and herding.)
And if at all possible, cheap alcohol helps immeasurably.
