C# 119 characters:
bool l(string n){return(String.Join("",n.Reverse().Select((x,i)=>(x-48)*(i%2<1?1:2)+"").ToArray()).Sum(x=>x-48))%10<1;}
Not too bad for a code golf n00b in a statically typed language, I hope.
This can be reduced to 100:
bool l(string n){return String.Join("",n.Reverse().Select((x,i)=>(x-48)*(i%2+1))).Sum(x=>x+2)%10<1;}