Yes, but it is a long and difficult process. First of all you will need a boot floppy disk which you can get from click here Once you have this and have put it on a floppy disk you will need to install the hard drive in the computer and set it to "master" and also set the BIOS to detect it. You will also need to set the BIOS to boot from floppy disk first.
Having done that boot your computer and put the floppy disk in and select "boot with CD support" when you get to the A:\ prompt type in fdisk and press enter. Follow the prompts to partition and format the hard disk. When you have done that you will need to reboot your PC (with the boot floppy disk in) and then insert the CD with Windows ME on and change to the CD drive (which will probably be E:\ and type in setup and press enter and follow the prompts again. If you get stuck email me and I will talk you through.