Yes.

You can use 3 part Name like [DBname].[tableName].[Column] on the FROM Clause, but you must be aware about the crossdatabase ownership change. If all aobjects are ownned by dbo and NO user has db_ower priviledges then is not a big deal (If you are on SP3a make sure to enabled it) but if the above is not true check all the implications before you jump in!

HTH