Well, probably not without a little work; what I mean by that is right out of the box, the hardware you have probably wont support it, you'll fill your RAM very quickly and load averages will be through the roof.
You could install it and make some changes, however- the basic Linux system contains the kernel (which is called Linux), and a shell on top. For the pretty GUI stuff you have something called the Xserver. (X because its the letter after W, W being short for 'Window' and W being the first windows manager). On top of X you generally have a Desktop Environment.
Desktop environments are generally very, very heavy, so do a quick google search for instructions for installing a lightweight desktop environment, such as Fluxbox (Mouse Driven) or perhaps rat poison (Keyboard Driven). Following the general instructions and practices for 'Green Computing' generally helps; the same principle of setting certains things certain ways to 'save mother Earth' also help save your processor and RAM.
If you're installing linux on this, I'd recommend as light a system as you can, maybe not doing any heavy duty custom OpenOffice compilations whilst performing concurrent data carving on a RAID system