If your talking about the original graphite base station (802.11b) then definitely not-
This is from apple's support site on suggested network settings:
3. Network
AirPort Extreme, Wi-Fi 802.11b, 802.11g, or 802.11n wireless network (wireless video streaming requires 802.11g or 802.11n)
or
10/100BASE-T Ethernet network
and
Broadband Internet connection (DSL, Cable, LAN)