Yes it is! Many of my students on Saturday have just turned 5, and games are everything. My co-teacher should be nicknamed "The Game Making Machine." She came up with another great one: Ballet Hot-Potato.
-- Girls sit in a circle, pretzel style.
-- While the music plays, girls pass a pointe shoe around the circle.
-- Before a student passes the shoe, she must call out the name of a step or a position we perform class.
-- When the music stops, the girl holding the pointe shoe stands and performs a step the teacher names.
-- When she performs it correctly, everyone applauds. She sits back in the circle, and the game continues.
This game can be altered for different age groups or disciplines. If students are older, add a rule of not repeating steps that have been said already. (Little girls won't have the vocabulary that a more advanced student should.) Also, when students perform a step, it's a great time to give quick, individualized feedback on the step. During my class, we just called out the steps, however, I suggest making flashcards that the students can hold up and read—seeing the name and spelling will certainly help their memorization. When we played on Saturday, the girls made it through about 5 or 6 rounds before a general lack of interest—so it definitely works best with small groups.