Arduino Serial Connection Without Adapter

Would it be possible to use a Serial-to-USB adapter like this http://bit.ly/RpUAYL and connect it to the RX TX connections on the Arduino Mini?

No.

That thing produces RS232C level voltages which will fry the Arduino, as well as being inverted.

An FTDI cable will connect to the PC and to the Mini's TX, RX, and ground pins.