Don't think you want to try it with an oxy-acetylene torch, however, if you heat it up hot enough and then cut off the acetylene, you may be able to see what an oxygen-aluminum fire looks like.
I would not recommend shaving a bunch of aluminum, mixing it with a bunch of rust, and igniting it. You'd be liable to hurt yourself, and if you didn't, the guys with badges would likely have an issue with it... unless you have access to a chemist somewhere. Then let them perform the experiment for you. You *do* have something that absolutely, positively needs to be in the vicinity of a *VERY* exothermic reaction, eh?
(Disclaimer: I have never personally played with "thermite" or anything of the like, but my degree's in chemical engineering and way back in college, we *did* have some free time...)
Back on topic (i.e. fun things to do with a condemned AL tank), if you know someone who anodizes aluminum, have them give it a nice bright candy-metallic anodized finish, then rig some tubing and fittings to it, mount it in your trunk, and paint "NOx" on it. Next time you see your local coffee-can-for-a-muffler Civic driver, pop the trunk and start bragging (they won't know what the words mean, most likely). Side benefit: If you're in a cold weather locale, you don't have to put a heavy bag of whatever in the back to keep traction.