Short answer: Yes
Long answer: Yes, but it'll take some time to install and you'll have no eye-candy.

AFAIK, the only distributions still supporting 486 CPUs are Slackware and Debian. Maybe even Ubuntu, but don't expect the GUI to be responsive. If you've got a whole lot of time, you could try Linux from Scratch. On a P90 it took me 2 weeks from zero to a half-way decent system (including some BLFS software)

Also, I don't think the BIOS' on those systems can cope with dates > 1999-12-31, so expect some oddities there.