I would hope so, otherwise I'll have to buy a Wii to run GC games. Either way I don't mind. GC has some great software and I'm sure I can get some of them cheap on Amazon.
EDIT
Scratch that. After looking at the prices I much rather GC on VC.
Playstation = The Beast from the East
Sony + Nintendo = WIN! PS3 + PSV + PS4 + Wii U + 3DS