Should/can I get back into fighting games?

I used to play fighting games a lot when I was growing up, mostly in arcades, but occasionally throwing down with the SNES in some Super Street Fighter 2 Turbo or Killer Instinct (even the rare Primal Rage bout). 
 
I used to be not bad against the people I played against back then, but I haven't really touched a fighting game in any real way since X-Men vs. Street Fighter in arcades. I never kept up with fighting games once my local arcade closed down because I always felt that was the right way to play a fighting game.
 
Since the release of SF4, I've been seriously thinking about getting back into fighting games but I couldn't justify the price of the arcade sticks (for me at least, a requirement if I was going to have at playing fighting games again). With the release of the SSF4 on the horizon and lurking on tons of boards and watching the SSF4 Live Stream, I'm very tempted to take the plunge.
 
I have a couple questions first, however:
 

1. I don't have very many, if any, local friends who would be interested in playing fighting games with me. I moved to a new city a little over a year ago and most of my friends who might play fighting game don't have an Xbox or PS3, so my only real avenue for competitive play is online. Having been away from the game for so long and never really playing at a level where things like cancelling and frame advantage were even known about, would trying to play online be any fun at all? Or would I just get beat down forever and ever?
   
2. How difficult is it really to pick up on concepts like cancelling, frame advantage, and that sort of high level play if you don't really have local buddies to practice with? I remember trying to get into Starcraft back in the day and it was nearly impossible because you'd lose so fast you had no time to learn why you lost or what you could have done to stop it.

I had never played a serious fighting game except Tekken 3 before SFIV, even I can beat duders online occasionally. Even though I am not even near that level of play (I'm a big time noob) I know that anyone can get up there with practice and more practice. If you don't want to spend a whole lotta time with the game(like me) then no, you shouldn't get back into it. If you want to and are able to then yes, because playing SFIV is a blast when you meet someone equally skilled.

yes, i did, before SF4 i dabbled in the genre with smash bros and soul caliber etc..

now SF4 is my favorite game on the xbox 

There is absolutely NO BETTER TIME to get back into fighting games than now my friend! Online competition is tough, don't get me wrong. Be prepared to get your ass handed to you in any fighting game. But just keep playing. Keep practicing. You'll get better, trust me. 
 
I used to play SFII Champion Edition a ton when I was a kid, but I sucked hard at it. It wasn't until I got HD Remix where I actually taught myself the nuances and specials of different characters. Am I a great SF player now? No, not at all, but I'm a hell of a lot better than I used to be.  
 
Plus, there are a ton of different fighting games out there that'll tickle your fancy. You can get Super Street Fighter IV (of course), or if you're a Tekken 6 guy, they have you covered. If you want balls-to-the-wall craziness, you can get Marvel vs. Capcom 2 or BlazBlue (which is a decidedly different type of fighting game). Hell, even if you like King of Fighters games, you're covered. 
 
EDIT: Oh, you don't need the stick. I'm perfectly capable of beating people with just the d-pad. The Tournament Stick is just that- for tournament level play, for the Daigo's of the world.

Absolutely get back into fighting games, now is the time.  With SFIV, SSFIV, Blazblue, KOF, and Tatsunoko vs. Capcom, you've got a great foundation of games to try out. 
I'd say get one, try it out with a pad for a while and learn the mechanics and such, and then get a stick if you think you'll be continuing your fighting game trend.

YOU HAVE TO GET A STICK
 
I was in the same position as you, I tried playing with D-Pad but it just doesn't cut it.  The moves take a lot more action to pull off, and it is over sensitive.  Also I would rent a game to see if you are into it, I was not NEARLY as into as I thought I would be considering how much I used to play.

super street fighter 4...job done, and you dont have to get a stick i find my pad does me just fine :)

" YOU HAVE TO GET A STICK  I was in the same position as you, I tried playing with D-Pad but it just doesn't cut it.  The moves take a lot more action to pull off, and it is over sensitive.  Also I would rent a game to see if you are into it, I was not NEARLY as into as I thought I would be considering how much I used to play. "

There are no new fighting games coming out, and the learning curve is too big for the ones that have been out for awhile now.  The people online will show you no mercy and will bury you over and over again.  It will be a continuous exercise in futility and frustration. - my opinion

Yea you should.. But make sure that ur path to getting back into modern fighting games includes a nostalgic visit to DBZ Budokai 3 on the PS2 :P

I also don't have any local friends who like fighting games, but I just recently got into SFIV. I ordered a stick and it should be coming tomorrow. If you want to get back into fighting games you need either a stick or a pad. So, basically what everyone else is saying.