Well, it might not quake, but it can certainly do other things, providing you have some form of bluetooth device on you. Jesse David Hollington describes how to set up bluetooth proximity detection on a Mac. This allows one to execute an Applescript when a certain bluetooth device (like a phone) is within range and another script when the device is out of range. Jesse provides some scripts that inactivate/activate the screen saver and run isync among other things.
I simply pause iTunes when my phone goes out of range and play when the phone is back in range. Very nice.
This all relies on Proximity 1.0 to do the actual bluetooth detection. The system requirements for Proximity 1.0 state that it needs OS X 10.4 or higher, but it is working fine for me under 10.3.9.