The default kernels are built with SMP support (CONFIG_SMP=y), so in a word: yes.
If you use frame buffer (vga=XXX kernel option, check /boot/grub/menu.lst comments after the installation & upgrade to grub 0.94) you'll get 2 penguins instead of 1 during boot-up .
is your friend too (you can run this command from the bootcd, even before installing).
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