I've not tried that yet but in theory yes. Because it's a 'per-material' property, you'd need to make sure that any object you don't want wire rendered is set to use the default "Surface" material property - that might mean doubling up in certain instances, some objects with 'Wire', some without.
Rendering 'wireframe' outlines in Blender 3D is pretty straightforward. In an Objects material properties ("Material"), click the "Wire" button directly under the material list (default is "Surface"). Change the "Diffuse" colour and render ("F12").