A lot of people are asking exactly what you can do with your spectrometer. First of all, check http://SpectralWorkbench.org for what people have already done. Second, exploring these questions is why we're launching this project -- we're hoping you all will help explore new uses, refine and improve how it's used in open source style. So the answer is -- maybe! Probably! But the point is that you can use it to investigate, demonstrate, prove or disprove exactly that question! Just be sure to share what you find with everyone else -- there are already active discussion underway at http://PublicLaboratory.org's mailing list.
Also! We've created a wiki page at the Public Lab site to collect, share, critique, and test different applications. So check it out and contribute what you know: http://publiclaboratory.org/wiki/spectral-analysis