Yes, it works. But you'll have to see what kind of fan speed control you can get. 3-pin fan ports achieve speed control by supplying to the fan a variable voltage. 4-pin fan ports supply a fixed full 12 VDC to the fan, and then add a PWM signal on the fourth line that the fan uses (via its own built-in circuitry) to slow the fan down to the right speed. So a 3-pin fan on a 4-pin port will run all the time at full speed.
The exception to that is that some mobo's have a BIOS option for their 4-pin fan ports that allows you to tell it to change to 3-pin control mode and use the variable-voltage system instead. Some may even do this automatically. But some cannot, and you get full-speed fan at all times. Works, and cools well, but a little more noisy than a speed-controlled fan.