Yes.
However, when you install OS X for the first time, it will not install the DVD Player application unless you have a DVD drive installed INTERNALLY in the machine. I installed OS X from an external DVD-ROM drive when I got my PowerMac (it had an internal CD-RW that it wasn't seeing so I had to go for the external solution), and DVD Player.app wasn't there. I got a friend to send me the application and it worked fine. It should also work if you use a utility called Pacifist to extract DVD Player.app from the OS X install CD.
Of course, if you already have a Mac with DVD Player installed, you don't have anything to worry about.