Wireless audio

I was wondering if it would be possible to read analog data from an electric guitar and send it over a rf wireless signal to a second arduino which could convert the signal back into analog and output it into an amp. I have the wireless setup shown here http://www.glacialwanderer.com/hobbyrobotics/?p=291 . And I have 1 arduino and 2 standalones. My idea was that the audio processing might look something like http://blog.makezine.com/archive/2009/01/realtime_audio_processing_with_ardu.html .