It's all made up. Every bit of it. All religions are made up.
As for witchcraft "working," that depends on exactly what you mean. Magic doesn't work, and never has. Physics cannot be manipulated in that way. You cannot, for example, sit before a few lit candles with a ritual knife and some blood, and cause someone to die. You cannot curse people, nor can you bless them and expect to see any actual results. Magic doesn't work.
The elements are elements, and have been that way for centuries. Im not sure what you would use as another element, rather than what's already implemented.
Honestly, it just depends on which Magical religion you're talking about. Just like all non-magical religions, each one has it's own beliefs and rules/laws. Which explains as to why all the answers above, and possibly below my answer, are all different, because we all worship different beliefs.
So exactly which magical religion are you referring to?
Wicca? Neo-paganism? Chaos? Hoodoo? Satanism?
There is several others of course, just depends on the genre your looking into.
However, this page is focused on witchcraft in general: http://en.wikipedia.org/wiki/Witchcraft
there are five elements plain and simple, sorry. as far as spells you can do what you wish. True magic is the use of personnel energy to manipulate outside forces (energy) to a desired end. As long as you know how to control your energy and can extend it beyond you to the universe you can do what ever it takes to increase that energy before you send it out.
There is a fifth element, depending on the system you use. There is Earth, Air, Fire, Water, Aether/Spirit in Western thought and then there's Earth, Fire, Water, Metal, Wood in Eastern thought.
Witchcraft is, however, pretty flexible. It's meant to be a practical craft meant to be adapted to the witches needs. In fact, there's a whole school of witchcraft based on that concept of flex ability, called "Chaos Magick" (by "school" I don't mean that people teach it... I mean more like a school of thought or a tradition.)
You could make stuff up all day if you wanted. Whether or not it ties in as well as the current western system of esoteric correspondences is a different story.
But, that's my opinion. However, i know plenty of chaos magicians who make up all kinds of sh*t and it seems to work well for them. Hell, some of them have summoned cartoon characters.
Magic is real, but the power of the mind makes up a lot of the force behind it.
So... long answer short.... yes, you could.
Also to note, the "elements" in western magic are different than the "elements" in some oriental systems... for instance, "wood" and "metal" are not part of the traditional western set.