Yes, it will plug in and work. BUT there still is a problem. A 3-pin (Voltage Control) fan plugged into a true 4-pin port (operating in PWM Control Mode) will always run at full speed - the mobo can't change that. However, there are a few ways that can be changed.
1. The obvious - buy a 4-pin fan.
2. Check your mobo's fan ports Some have both 3-pin and 4-pin ports for the same functions (e.g., CHA_FAN ports for case ventilation fans).
3. Check the details of how your mobo's fan ports can be configured in BIOS Setup. SOME mobo fan ports can be set to behave EITHER as true 3-pin (Voltage Control Mode) OR as true 4-pin (PWM Control Mode) ports. See if you can change the setting on the port you are trying to use. Many current mobos make this feature available only on the port for the CPU_FAN, but some do it also on CHA_FAN ports. In a few cases, the mobo is even clever enough to detect what fan type is connected and make the change itself.
4.There are devices called 4-pin fan hubs that allow you to connect many 4-pin fans to the hub (which draws its fan power directly from the PSU) and control all of them from the PWM signal it picks up from one mobo port. There is even one, this one by Phanteks:
http://www.newegg.com/Product/Produ..._re=Phanteks_4-pin_hub-_-11-984-004-_-Product
that uses this concept but converts all its outputs to Voltage Control Mode (3-pin fan type) so that BOTH 3-pin and 4-pin fans can be controlled from this hub by one mobo PWM signal. However, this is an expensive way to make one 3-pin fan work on a 4-pin port.