Heh heh. You bet, real white light holograms engraved via cnc. White light holograms are a special case of holography in that they only preserve horizontal phase information and do not operate via interference. It is possible to make a white light hologram with macroscopic line spacing although the resolution is extremely low.
I have been playing with this the last few days and tonight finally managed to make one that doesn't require an overactive imagination to see the resulting image.
This is how it looks under ordinary diffuse lighting. It's a very carefully placed set of arcs engraved on copper that has been blackened with potassium sulphide. Diffuse lighting is so spatially distributed that it cannot reveal the horizontal phase information in this synthetic hologram.
This is how it looks when in a darkened room and illuminated by a single white LED flashlight. The LED acts as a point source and so is highly spatially coherent.
In this next pair of pics you can see that the image is contained not just in one particular part of the the scribing pattern but in all parts, just the same as any other type of hologram. Changing the angle of view changes the apparent position of the cube. Also note that the hologram exhibits the same color diffusion characteristic that is a feature of a white light hologram.
I made up the pattern of scribe marks in a CAD program and used the DXF in CamBam to create the G-code. In the following pic you can see buried in the arcs a cube. The way this type of hologram is generated is to start with a 2d representation of the subject (the cube in this case). Then an arc is drawn using a point on the visible vertices and edges of the shape. A set of closely spaced points along all visible edges is then used to provide the anchor points for the radii of the arcs. The reason the image isn't perfect appearing is because of slight inaccuracies in the placement of the arcs (my fault) and some waviness in the copper plate which is only 26 gauge material.