Yes and no.
Good news:
In order to make dbm style databases work, you'll likely have to recompile php with the proper -with-xdbm swtiches, which are:
--with-dbm
--with-ndbm or
--with-gdbm
Bad News:
As of 4.0.3, php seems broken, at least for the --with-gdbm switch (I run Gnu/Linux, so that's the one I need).
Good News:
4.0.0 through 4.0.2 work just fine.
Bad News:
Everything before 4.0.3pl1 has some major security holes regarding file uploads, so if you're doing that on a public web site, you'll have to learn to live without dbm style databases until this bug is fixed
Good News: I just submitted a bug report on it.