Sure!

Be sure to get the program updates for it before scanning though. There should be a number of them that it will need to get up to date on the latest - and those will be different from the Definition updates which it will also try to fetch. You may need to close the program (or maybe even reboot) then open it again for a new scan with all the updates.
I just ran mine to update and had some waiting for me. Updated, rebooted (not sure that was needed), then I scanned and while it hesitated a bit on some archives (probably due to their size), I didn't get an error or a permanent hang. (XP Media Center also SP2)