Yes Maya cloth would likely be the easiest way to go, (i've never used it so i'm guessing) But i know you can get similar effects using soft bodies and dynamics. I have the maya learning DVD's, and one tutorial shows you how to make a curtain wrinkling and blowing in the wind. I haven't gone through the tutorial yet, but my point is you very likely can do it if you work with soft bodies.

Good Luck

David