Hi Shridar
Yes it's possible, I've just a met a Canadian couple (last week) who put their GS1150 in a boat in Mexico at Frontera Corozal and went down river to the Guatemalan customs. Not only did they say it was easy, (though I saw the pictures of the bike after it was lifted in to the big canoe) they said the entrance into Guatemala was the most pleasant and polite border they've ever done, and they weren't charged. The officials spoke English too.
Beware though, they got severe food poisoning at the restaurant in Frontera!!
Paddy
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