Don't quote me on it, but I imagine so.
If you want to build a serious car out of it, may I suggest going with a EJ22T or a JDM EJ20T. The initial outlay will be greator, but making HP will be cheaper in the long run.
The EJ22T is possibly the most solid base to start from, with a closed deck block and a bottom end good to about 350 hp. A turbo an a few other goodies would get you there.
Probably the most economical route would be with the EJ20T. 280hp is easily reachable on the stock turbo. By my calculations, I could do it in my Legacy for less than $2500. Such an undertaking is not for the meek, though. Major supporting components such as fuel pump, clutch, crossmember, computer, possibly radiator, and of course, the addition of an intercooler need to be considered.
If I had the dough, I would do it in a second. But school comes first.:boohoo: Also, since I value my life, congruent upgrades to the suspension and brakes would be in order.