The idea of decanting wine in a blender has been floating around for a while, and there are many people that have tried it and written opinions on it. We recently posted a video from Tim Ferriss where he discusses various methods of decanting wine, including using a blending tool for aeration.
It is also possible to just pour your wine straight into a blender, and blend it, if you will. Some swear by this method, others are skeptical.
This article over at mercurynews.com discusses some of the positives and negatives of this method, I’d recommend reading through it if you want to see some opinions from experts.
The basic idea? It will work, but maybe not as well as you think it might.