Yes what you want to do has been and is being used. You can search around this forum for some direction or I feel sure you tube has some videos too.
as for adding fish, also called aquaponics (I believe), it can be done, but isn't as simple as putting goldfish in the reservoir. you have to strike a balance between the fish and the nutrients. It's a bit more complicated but again a plethora of information exists about it. Personally, you should probably start with simple hydro first.
One question, why aren't you growing outdoors?

I have more space in my garage then in the back yard. I was planning on setting up 4 vertical systems like this. A NFT system with 3 5inch channels, and a couple of bubblers. Starting off small, and adding to it of course. I have a lot of water and air pumps already from older projects that I will cannibalize. I tried out the conner top aero gardens and loved them. Grew more hearbs then I could cook with.

Since you are growing indoors, you'll need lights. Sounds like you are planning to grow on all sides of your pipe. If so, you'll need lights on all sides of your pipe (or figure out a way to rotate the pipe).

If you stand your pipe vertically, that will affect your pump's ability to pump water (lots of little pumps won't even pump water 6 feet high).

If you want to do the aquaponic thing (fish), then you'll need to go get your fish section setup ahead of time because it can often be tricky to keep the fish alive.

Might I suggest a semi-vertical setup? Perhaps a gutter system where the pipes are not vertical, but rather at an angle. You could zig-zag several together. I'd think it be easier to pump the water and to light.

I�m not doing the fish thing. I was just curious. I have seen some people taking the 6 inch storm drains and melting them with a heat gun so it makes little cups for the plants. I am going to try that I think. I have various pumps of all sizes, even a quarter horse power. I know I have one that will work. Also as far as lights I was going to try either T8 or put some compact florescent spot lights on the planets. I�m doing this on the cheap so later I might build my own power supply for T5 or metal halide. Just want to start off small, and see how well it takes off. I�m an electronic engineer, so I might make a automated climate control system for the set up at some point. I already have several relays and programmable logic controllers. I also plan to grow mushrooms in a ice chest freezer. I can control the temp easy to keep them cool.

Also does anybody add fish to their reservoir? I read an article about fish boosting a hydroponic system.

Aquaponics and Hydroponics aren't the same thing. There are vast differences, and aquaponics is much more difficult to do correctly. That includes using fish waste/emulsion or any other so called organic fertilizer in a hydroponic system. That's an art, and good luck getting it right from the start. Especially without a good understanding of the simpler hydroponics first.

If you're going to use T8's, you'd want to run them vertical close to the plants. as the plants grow, you'll need to move the bulbs farther away. That system my be more robust than what you're after. If you just run the lights horizontally, the light will dissipate way before it reaches the lower plants.
As an electrical engineer would you possibly be able to assist me with a project I'm working on? It involves interfacing a pc with a microcontroller. If you are then please send me an email and we'll discuss it further. visit my page for an email address.

I have seen some people taking the 6 inch storm drains and melting them with a heat gun so it makes little cups for the plants.
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I'd look in to purchasing a hole saw to drill holes in the pipes (lots of folks recommend running the drill in reverse so as not to tear up your pipe or your wrist)

Everyone has their own construction techniques. That's really something you need to weigh the pro's and con's of before you build (if your going to put much money into it). I've been there and done that for my situation. The easy answer isn't always the best, especially when money is an issue. My advice is to explore all your options, and ask as many questions as you can to those working at your local home improvement stores. Make them your friends, you will no doubt be relying on their advice (that's what their for). You may not always agree with them, or think they just want to sell products. But they are an invaluable tool for information on products, as well as how well they work for your use when they have the time to hear you out. Make them your friends. Almost all the employes at Lowe's, Home Depot, and ACE hardware know me by name, as well as ask how my greenhouse project is going as soon as they see me.