Yes, but with severe limitations. Unlike AOSP (Android Open Source Project) for later versions, Google did release the full source code for Honeycomb 3.0. Consequently, no stable custom AOSP ROMs exist for phones . All working Honeycomb builds are:
Google did not release the full source code until Android 4.0 Ice Cream Sandwich arrived. Android 3.0 Honeycomb Rom Download-
The version of the Google Play Store (and Google Play Services) that ran on Honeycomb is largely deprecated. You will likely encounter "Connection Error" messages, making it difficult to download apps. Yes, but with severe limitations