Yes it can, like the guys above have said.
It generally won't do it particularly well; speeds are often quite a bit lower on metalworking lathes. Tooling, particularly mounting toolrests for largish work, may need a bit of ingenuity, though that's part of what having a lathe is all about.
Assuming you can sort the tooling and your work fits within the envelope you have, the biggest real problem you are likely to find is the wood dust. It can make a horrible rusty mess of a nice lathe frighteningly fast, and near-obsessive attention to cleanup is warranted. Obviously your climate (humidity) will affect this, as will the types of wood you turn. Based on my experience a few years ago with a Myford ML7 in South-West England, I'd advise anyone to find the money for a cheap wood lathe somehow.
