It is in fact, you can make a fluro light appear to your meter to use zero power (with the right inductor/cap combo).
No, you can't.
There are two different types of power factor. One is related to the phase of the current being shifted from the phase of the voltage, the other is related to the shape of the wave if you plot the current.
The first type, which is the type that most people are familiar with, can be corrected with inductors or capacitors. This is often done for induction motors.
The second type of bad power factor is often due to rectifiers feeding a capacitor... your basic AC to DC conversion. The current only flows when the voltage on the AC side exceeds the voltage on the DC side. Thus, you get spikes of current centered around the peaks of the AC voltage. The phase is correct, but the current waveform is not sinusoidal. This cannot be simply corrected by inductors or capacitors.
As a side note, this is the bad power factor that many computer power supplies suffer from.
More complex switching supplies can overcome this issue. I've usually seen it referred to as a "power factor corrected" supply. They cost more because there are more parts in it. Thus, you don't see them in cheap CFLs.
IAAEE (I am an Electrical Engineer)