Celluloid is flammable. I would not partake in a rally with a flaming ball though. Don't think you would get two hits, and you better be using sandpaper. Burnt rubber, burnt celluloid on the table. Probably after a few moments of burning, the ball would stick to the racket. Would be fun to watch people try.
But, I think, for the effect Der_Echte was talking about, graphics would give a better effect. That is Matt's (pingpongpom's) Avatar.