I assume you are mean a 500gb SATA drive. Yes, but do not expect to get SATA II or III speeds (that the new drive is likely to support). The nice, new drive that you get will have to be content to run at a much lower speed. This board is at least 12 years old, which is about the same time SATA made its appearance.
Review section 18.104.22.168 on page 29.
You may want to review table 4 here: https://support.microsoft.com/en-us/kb/2581408
Now, my personal opinion is to retire this board to the recycle facility nearest your home, and get a current board.