The stock Charger can deliver 700mA, so yes. If I remember right, there are two charging modes, 300mA for USB and 700mA for a wall outlet. Now if you only provide 500mA it will pull 500mA as long as it doesn't detect it is plugged into a USB port.
I wish Android had an app that forced the phone to draw as much current as was available, for instance USB 2.0 ports actually can output 900mA max and my old Touch Pro had an app that let my phone draw max current no matter if it was plugged into a computer or charger.
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