No. That won't work.
Absolute cheapest would be to get a Windows MCE remote, and get a USB UIRT. This would give you the ability to control via the remote, and give the ability to control your A/V devices.
There are many other options:
Got a supported Symbian or J2ME based cell phone? Attach a bluetooth dongle, and Use the mobile orbiter.
Got a Windows PDA? Install the Orbiter software onto it. (Web admin login page, click on Install Orbiters)
Got an extra PC? Install the Orbiter software onto it.
Got a used tablet PC? Install the orbiter software onto it.
Got $250? contact tkmedia to get a WebDT 366.
Got a Nokia N810 internet tablet? Install the Orbiter onto it.
Got a Cisco 7970 phone? Plug it in, and the Orbiter software will be provided on its touch display.
Got any web capable device? Follow the instructions on the wiki for the Web Orbiter and use that.
Want an ultra-minimal way to control an on screen display? Get a Gyration Go-Mouse, it's fully supported.
All of those are better than the MCE remote, for not much more. Now regardless of which, you should get a USB-UIRT to control your A/V devices like your TV, Cable Box, VCR, etc.. It makes life so much nicer.