Technically yes, one of EventLog constructors "Initializes a new
instance of the EventLog class. Associates the instance with a log on
the specified computer" (MSDN).
But you should change the default user that runs ASP.NET due to the fact
that he doesn't have rights to access network resources. If you are
going to change ASP.NET user to user with rights. BE VERY careful, you
can cause security flaws!
