Can I make a song with just 2 electric guitar?

Me and my friend are making a song for a project in biology (20% time project, we can do whatever we want).

We both know how to play guitar, but neither of us knows how to play drums and bass, so we can't record them separately and put them all together.

If we make a song with just two electric guitars, will it sound good, or will it sound empty and unprofessional?

BTW, can I record with my iPhone 4 or my laptop, or do I need to buy good microphones to record the audio?

The better your equipment, the better it will sound, that's a given. Whether or not you want to spend the kind of money it would take just for this project is another matter.

Two guitars can pretty much sound like a four piece band if you know how to do it. Tommy Emanuel can sound like a full band with only one guitar. He'll drum on it, finger pick the rhythm, bass, and melody lines, it's amazing, but he's a rare talent. Two of you could probably manage to do what he does. However, just two guitars can sound pretty good. One plays rhythm, the other lead. If the one playing rhythm can keep a good beat, it doesn't sound too bad. It'll sound folksy, so do a song that works with what you have. You could always use a computer drum beat, or one from one of the portable keyboards. In fact you could use a portable keyboard on auto mode to give you the beat and bass line. Use your imagination, don't let anything stop you from getting what you want. Think of ways you can get it done.