Yes it will run however it will only run on the new Intel chips using Boot camp or Parallels. These two applications allow you to install Windows XP native and allow you to boot into or run via a window.
I have used both and must say Parallels is by far the better solution. This will allow you to use windows in a windowed environment or full screen along with let you actively switch from your OSX interface to Windows XP with a simple hotkey.
The older mac (Prior to intel chipset) are compatible with Windows however that is using some very old and outdated software which doesn't let you run applications well, or at all in some cases.