Nikon d5100 good for levetation photography?

How well would it do?

I have no idea what you're talking about - but in skilled hands, and with the right lenses/accessories, a DSLR can do practically anything.

Yes, it would do just fine. Most of the work on those is done in post processing.

There's no such thing as "levitation photography." All of that is done in Photoshop.

Any camera that can be set to a very fast shutter speed can be used. Even Point-and-Shoot cameras these days can go up to 1/1000s or 1/2000s, which is more than enough. The D5100 will do like any other DSLR, very well.

DRTV has a fun "How to do Levitation Photography" video:

Also, a lot of the levitation photos are done in post. People lie/sit/stand on a chair for example, which is later removed in Photoshop (or some other program). You can use any camera for that. Even your cellphone.
Here's how it's done:

EDIT: @Taylor: It's not all Photoshop. Take http://yowayowacamera.com/ for example. All of those photos are captured like that. And that is what is referred to as "Levitation Photography".