Yes, but not directly powered from the arduino; th arduino is 5V, and this one needs 3V (2.0 ro 3.6V, according to the spec sheet).
In addition, you'll need to either configure a 3V analog reference, or sacrifice 40% of your resolution because the Atmel's ADC is in reference to 5V.
Instead of the one you reference, I'd try this one Dual Axis Accelerometer Breakout Board - ADXL320 +/-5g - SEN-00847 - SparkFun Electronics (or one in that family) since it can operate on 5V.
-j