Yes it should. There are many possible reasons that could explain your problem, but interference is the most common culprit.
You can try out two things:
1. Try selecting the "Use Interference Robustness" option from the drop-down Airport icon in the menubar. I believe this is available with the Airport Extreme cards. If this doesn't solve your problem,
2. Try changing the channel at which your wireless base station operates. Try moving in big steps, that is, Channel 11 -> 6 -> 1, until you find something that suits your needs. If I recall correctly, most base stations have 11 channels to choose from.
You might also want to run programs like MacStumbler and KisMac to find out the "signal level" (quantitavely). Apple released Airport Admin Tools a while back which included "Airport Client Monitor Utility" (or something to that effect). It would show the signal-to-noise ratio your Mac is picking up.