Yes.. the Free DRI drivers will support this card.
Probably during installation a non-accelerated driver was choosen for compatability sakes. You'd probably only have to change a couple lines in your X's configuration file to enable 3d acceleration.
If you google around you can probably find some sample x configs, and some howtos. Keep in mind that you shouldn't have to recompile anything (like the kernel or compile dri modules or anything like that).
After editing the file you log out of X and just hit ctrl-alt-backspace to restart your X server. That way it re-reads the config and then you do:
glxinfo
At the beginning of the output from the command it will tell you if DRI is enabled or not. You may need to edit the /etc/modules file and put modules to load their in correct order to get full AGP support. (depends) (also you'd want to run at 16bit color for better performance)