I'm going to go out on a limb and say it's certainly *possible* but not probable.
Someone could code a gesture system into an application that would work on a rooted nook. Android phones already have this, including some apps that even use multitouch.
The problem might be that, when reading a book, the nook's "reader" application (whatever it's called) has control of the LCD screen. It might be that a custom reader application would need to be written (assuming B&N have not released the source to their own reader application) in order to have additional or alternative gestures work while reading. If B&N have open-sourced their reader application, it should be no problem for a good coder to hack up something that does exactly what you want.
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