strange goings-on in the neighborhood of late

This neighborhood is getting odd. Not the 'net neighborhood, the physical one. Events so far this week:

• A paramedic and fire truck pull up in front of the neighbors late at night. No evidence of smoke. After a while, they leave.
• There's a high-speed chase down the street, complete with squealing tires as the pursue-ee makes a hard right turn three houses down, closely followed by at least one pursuing cop car and a helicopter.
• Three cops show up at the neighbor's place (same neighboring apartment complex as for the paramedics, not sure if it's the same apartment). One knocks on the door, two others stand low on the stairs to be out of view from the peephole. They go inside and, after a while, come back out and leave.

Someone with Partners for Safe Neighborhoods came by yesterday, going door to door to promote safety. He mentioned possibly forming a neighborhood watch. It's beginning to look like that might be a good idea. This whole area is transitory renters, so anything to increase the sense of community would be welcome. Does anyone know how much of a time commitment organizing a watch takes?