I think so, but you'd better do it quick because the yellow will only spread. That's what happened to mine, I'm trying to root the last little bit, but I don't think it has enough strength left in it. D:
On the other hand, I recently planted another lucky bamboo in soil and it quickly put up a new shoot. Maybe if you somehow got yours into soil (root in water first?) it would do better.
But I am not an expert.

Gotta figure out why it's yellowing out though first. The law of cause & effect apply here; you must figure out the cause before fixing the effect. We'll need to know a little more, particularly how often are you changing the water? What are you using for fertilizer, how much, and how often? With plants grown in water, there can be a real issue with salt accumulation, because the water is not draining through, but rather just staying there to accumulate everything that your plant does NOT use. Also, unless you are using a complete fertilizer like Foliage Pro 9-3-6, which contains ALL of the essential nutrients, odds are, your plant is lacking calcium and/or magnesium.

Joe