Yes, you can do this with a normal mouse.
I have the MX Mouse that has several extra buttons. One is labeled "zoom." I have it set so that when I press the button it does "CMD +". I can then keep zooming in one notch at a time. I then hit "CMD 0" (that's zero) on the keyboard to reset it back to normal when needed. Another option is to hit the zoom button (or any button) and scroll the wheel to zoom, but I found that the zooming with scroll wheel was too jumpy. This is all configurable in the Logitech Control Center software. And you don't need the expensive MX to do it. My old corded M500 mouse works and you can configure any button to do any task. Pretty good piece of software.
I use the left right scrolling of the scroll wheel, but you could also set the left tilt to zoom in and the right tilt to zoom out.
I have the thumb button set to Expose / Mission Control and the click of the scroll wheel set to Launchpad.