yes!
it used to be reccomended that make both slaves on separate IDE channels, IE don't have both devices ont he same IDE channel (cable). But I think modern hardware (say 1.5Ghz+ machines) shouldn't have that problem.
You do need to make sure the devices are set to master / slave using the correct jumper on the disk. You also have to connect them in the correct order, the master is nearest the PC, the slave at the end of the cable