It will produce some kind of images, but they will be super low-contrast, and have a bizarre color palette. Film is somewhat sensitive to light outside the visible spectrum. Film this old has been slowly exposed by some of this light. So imagine parts of the film that are supposed to produce black (the film base). Instead of producing black, now they will produce a lighter, tinted color rather than black. That base tint will also throw off all the other colors in the images. So yes, it will "work," but not very well, unless you like bizarre results. Having worked in the photographic industry for 30 years, I've seen this played out many times.

According to a Popular Photography article I found:

Over time, the sensitivity of the silver halides can begin to degrade. Cosmic and background radiation (as well as fallout from nuclear testing) may also cause the unmodified silver salts to be modified in random—and usually somewhat even—distribution, which reduces the number of available unexposed crystals and introduces noise. This is called fogging.