Ya, if your willing to do all or most of the following.

No bike racks.
No more than 1 small headlamp and only if riding in the dark.
No headlight on helmet except in 12-24 hour off road bike race.
No casual clothes - Bike specific clothes only must be color coordinated.
No flapping clothes in the wind or loose clothes.
You must sacrifice comfort to lightness and aerodynamics.
Willing to be cold on the bike in cool weather to maintain that total road racer look.
No more than 1 small seat bag, only on training rides or commutes.
A small backpack or messenger bag may be allowable for a fast commute as long as it is reasonably light and form fitting.
700cc bike with drop bars only.
Chopped flat bars or bull horns OK if on a fixie set up like a track bike.
If you are on a fixie you can probably dress like a messenger without being a Fred if you know how.
Flat bar mountain bike on off road trails only.
no reflective tape all over bike or helmet.
small reflective accents OK on bike clothes if tastefully done. As in part of the manufacturer design.
Few or no reflectors on bike.
Clipless pedals and serious cycling shoes only.
Road helmet only on road bike, even in winter.
Thick winter hat under helmet is a big no-no. Must be form fitting and stealth looking.
If it's really cold you can't ride because you would have too dress I little like Fred.

This list is by no means conclusive, exclusive or all inclusive.

There are some who say that "Fred" is a state of mind and that the outer choices are only a reflection of the inner Fred. So only you can decide how much Fred you are going to be.