Sure can - use subsurface scattering shader. You can either put the lights that makes the balloons glow behind or within the ballons themselves. Scale matters as it can be tough to get good noise free results if your scale is too big or too small.
This shader lets light (and you do need a light in the scene for it to work) through the object and glows with the color of the object, the color of the light or another color altogether (like the tips of yoda's ears - pink glow in green ears when lit from behind with a yellow light)
Be warned though SSS can take mucho render time.
The new Inverse AO is a good alternative to cheat SSS and it's speedy, and you can sometimes get by with a Fresnel shader if you have simple geometry and not to much camera movement.