Neutron imaging, in general, is a useful technique for visualizing low-Z materials (such as water or plastics) obscured by high-Z materials. However, when significant amounts of both materials are present and full-bodied samples have to be examined, cold and thermal neutrons rapidly reach their applicability limit as the samples become opaque. In such cases one can benefit from the high penetrating power of fast neutrons. In this work we demonstrate the feasibility of time-resolved, fast neutron radiography of generic air-water two-phase flows in a 1.5 cm thick flow channel with Aluminum walls and rectangular cross section. The experiments have been carried out at the high-intensity, white-beam facility of the Physikalisch-Technische Bundesanstalt, Germany. Exposure times down to 3.33 ms have been achieved at reasonable image quality and acceptable motion artifacts. Different two-phase flow regimes such as bubbly slug and churn flows have been examined. Two-phase flow parameters like the volumetric gas fraction, bubble size and bubble velocities have been measured.