As long as your motherboard has both an IDE and SATA connectors it will. If you have your SATA ports set to AHCI or RAID then you'll also need the correct drivers for XP. They should be supplied with your motherboard.
Yes. As Hawkeye22 said, you just need to have ports on your mobo for both types of drives.
A comment on jefe323's point about drivers. When you hook up one or more SATA drive(s) to your machine you should boot into BIOS Setup (usually by holding down the "Del" key while turning on) and set two items. The first is to find where the SATA ports are adjusted and ensure they are Enabled. Then very nearby there should be a place to set the SATA Port Mode, with choices like IDE (or PATA) Emulation, Native SATA, AHCI, or RAID. You can use the drive as a true AHCI device by setting the Port Mode that way, but then you MUST install the required driver for AHCI devices. The other option is to set the port mode to IDE(or PATA) Emulation. In this mode the BIOS will trick XP into thinking it is dealing with a plain old IDE drive it already understands and it all just works with no special driver installation. By doing this you do NOT get to use a few features of SATA drives, but some users don't care about that.
Win XP does not have SATA (or more properly, AHCI) drivers "built in". If you set the Port Mode to AHCI, you cannot install XP to a SATA drive or boot from it unless you install the appropriate driver(s) at an early stage of the Install. There is a place wherer you are prompted to push the "F6" key if you need to install additional drivers before proceeding, and you can do that IF you have the AHCI drivers ready on a floppy diskette in a floppy drive on your machine. You mobo manual should have full details how to prepare for this and do the driver installation at the start of the WinXP Install process.
The other option is to set the IDE Emulation mode on the Port configuration. Then you do NOT have to install any extra driver.
HOWEVER, if you are installing XP to an IDE drive it will do just fine. XP DOES have the required driver to deal with that device type in its basic structures. Whether you have set the SATA Port Mode to either IDE Emulation or AHCI mode does not matter so much. As the Win XP Install proceeds, it will detect the presence of the additional devices called SATA drives (AHCI devices) if they are connected, and automatically it ought to find and install the driver for that so the SATA units DO become available to XP. If that does not happen automatically, you may need to run a driver install yourself once XP is running and booting from an IDE drive. In fact, most mobos come with a CD of utilities, one of which is to install ALL of the drivers for ALL of the many devices that are built into the mobo. If you run that, the SATA (AHCI) drivers will be installed for you.