Kind of.
Go to Preferences -> Rules; you can set up a Rule like this:
If ANY of the following conditions are met:
[ACCOUNT] [name of account]
[Every message]
perform the following actions:
[Play a sound] [whatever sound you want]
Haven't bothered to try it since i hate sounds, but you should be able to fiddle with the settings as needed if the above doesn't work as-is.