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It should do.. You would need to disable SATA II (a jumper on the drive) but yes I see no reason why it wouldn't work.
 
Seriously consider your backup strategy if you're going to put a drive this size inside your machine.

Note that Time Machine prefers to see a backup drive at least twice the size of the drive being backed up. It'll work with less, but suboptimally.
 
Hi,

Time machine Backups would not be an issue as I would be using a three disk strategy (External drives). One disk for SD films, one for HD films and the final disk (Time Machine) for everything else, which at the moment comes in at a little less than 300GB.
 
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