To be honest, I haven't tested it, but if the instructions at the url Vince
posted don't work, No. There were some issues with Ol2003 and the hack, so
even if it does work, I expect it won't work well. (and support for Exchange
5.5 was removed from ol2007 completely).
IMAP makes a good replacement for msmail - there are some free or low cost
imap servers that are not resource intensive and will run on older desktop
machines.
(If you can get it working, let me know and I'll update the page.)