"By looking at a chemical (it's formula, it's structure, etc) is there any way to theorize what its effects ,in vivo, will be?"
Theorizing you can,but if you look at a new molecule,its only guesses (the closer it is to a known molecule,the better the prediction.Yeah,really).To dampen the other posters "its never 100% accurate",I would say if you get 10% right,you are a genius.Particularly if you wanna be specific about receptor binding profiles or bioavailability.The proof of the pudding is indeed in the eating,as dademurphy said and as Sashas favourite line goes!You never know when you fall off of what appears to be a line or/and start to dive into a complete Another area of activity.
Though I know a company who appears to have a computerprogram for designing structures with an amazing hit success,but its property and a therefore a secret.And haven't heard of them since a while.
Figure out the world is a dream who took many victims.