The short answer is yes.
Here's the funny thing:
Compressor will handle any and all codecs that Quicktime (7) can...and vice versa. They share the same system resources. If you have a license for FCP7 (or less) and have an install disk for Snow Leopard (or before, back to... Jaguar?) you should have QT7Pro available for free. It's in the Extras folder of the Install disk, and FCP7 authorization automatically activates the license for QT7Pro. (You might even get the System update to 7.6.6 [I believe... there was a special fix for Leopard that had a version of 7.6.7?, but you won't need that for SL or Lion.])
I am not a big fan of Compressor. It's way too easy to make mistakes if you don't know what you're doing... and in compressor, I usually don't. It has a learning curve. It's $49 (QT7Pro is $29)... and every time I try to compress anything down as far as I know how to do in QT7Pro -- I end up with trash... But that's me. If you ever used VisualHub, there was a button for advanced settings: clicking on it brought up a dialog that said > Don't do it, you'll only mess things up. That's compressor for me.
Here's a screenshot of (most of) the export codecs (encoders) I have available in QT7Pro:

There's a few more XDCAM settings... but this is pretty much it. If you add codecs, QTP (as well as Compressor) will be able to handle them. [Some people recommend MPEG Streamclip: I find I can't because I'm pretty sure the transcoding has to non-standard programming so as not to violate Apple's copyrights... so, I don't trust it. However, MPEG Streamclip will also use any and all system installed codecs (with one or two exceptions, in which case you will have to install open source variants -- and I forget which ones they are off the top of my head — notice the x264 variant? Not as good as Apple's H.264.)]
This list does not show all of the decoders I have (like I said before, Perian provides a lot of coverage) but I don't think it matters. DV is a Quicktime "standard" and Perian can read the AVI format, and QT can decode it. About the only thing you have to look out for is if the format is anamorphic (which, if you forget to set the aspect ratio, is easily solved in FCP7... FCPX: not so much, and not in a way that makes anyone "happy".)
My experience with QT7 is it will open just about *anything* and if I can open and play it: I can transcode it to any of the above formats.