Yes. You need to figure out what ports contain the traffic you want to view, and also how much data that might be. I knew that a fast ethernet port connecting to a PIX would contain all the data entering and exiting our network, so that is the port I mirrored for snort to monitor. I was mostly interested in monitoring the traffic entering and exiting our network.
I am not sure how well snort deals with vlan tags - you might need to ensure that snort is only getting non tagged packets.