It could be done, and is, the hardest bit would be making adapters for the axle to work on the bike and adding a freewheel mount and suitable brakes to it. Not impossible, adapters could be made that bolt up where the brake discs did to mount freewheels or whatever, but in reality how much weight would be saved by the time it is done? Also there is the consideration of looks, a motorbike rim with adapters will most likely always look like a motorbike rim with adapters on it, whereas a scratch built wheel always gets you asked "Where did you get that, and where can I get one?"
My original idea was to use motorbike rims, but the ones I wanted were still $200 each second-hand, as explained at the start these were significantly cheaper to make...
Please if you do convert some motorbike rims, post them up here, always looking for different ways to do things!
Luke.