Looks like it could if you just plugged it into the ethernet port. But no promises. If you absolutely have to have it wireless I'd just throw your cash away on the way overpriced 360 adapter. I say wired is the way to go especially when I can make the cables myself.
I use wireless and I'm fine. I have the actual XB360 adapter, I got mine used from EBGames, and it works great. I get full signal and my XB360 is downstairs in my living room and my router is in my office upstairs. I get no lag issues, etc, except the first time I tried to play after installing DD-WRT... that was just a configuration issue though. Works fine now.