Yes, this will work. If it's a case ventillation fan, then plug it into a SYS_FANn connector on mobo.
4-pin fans were designed to be backwards compatible. So, when plugged into a 3-pin mobo port, they will work just fine. If you look closely at the connectors, there is a finger sticking up on the mobo male connector, and a slot along the side of the fan's female connector, so they only fit together one way. When they do, the fourth socket of the fan connector does not connect to anything. All this means is that the fan does not receive a PWM signal and does not try to use it. Its speed is determined solely by the + VDC supply from Pin 2, which the mobo port controls. This is exactly how a 3-pin fan works, and the 4-pin operated this way behaves just like any 3-pin fan would.