Yes, you'd convert the ePub's (provided they aren't DRM'd) to Mobi format and put them in the Kindle's "Documents" folder. They'll show up listed with all your other books. They won't be syncable with other Kindles/Kindle Apps you might have like books on Amazon's cloud are, but will work the same as far as actually reading a book.
Amazon did this a couple of times IIRC (Harry Potter, some Ayn Rand, and some Orwell that the folks selling didn't have the right to do) as I recall they made it up to folks although I don't recall the details. '1984' was the one that got a lot of attention and they've said they won't do it again. They even go so far at this point that if a publisher makes corrections to a book (for typos and stuff) Amazon will email you and won't update your copy unless you email them back OKing it.
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