Welcome to Arduino-land :)
Im pretty sure that you can:
Regarding to this:
The connector labelled “INPUT” is the trigger output of the Vex microcontroller; the ultrasonic module receives a start signal from the Vex microcontroller on this line. The connector labelled “OUTPUT” is the echo response from the ultrasonic detector; this is the line through which the Vex microcontroller receives output from the detector, indicating that it has picked up an echo
Also see this tutorial, it contains the library the guy in the first link uses:
From the product-site:
Outputs 3-Wire Cable
Connect to a interrupt port.
Echo response from the ultrasonic sensor .
I think that is all you need!
Remenber... In Arduino-land, Google really is your best friend! ;)