Yes, but the time it takes to transfer USD to coinbase after selling on Gox means what you're doing is effectively gambling--there's no way to tell which exchange will have a lower USD/BTC price once your money finally arrives, and the price of Bitcoin could change dramatically while your money is being transfered. Arbitrage sometimes works on smaller altcoins with fast transaction speeds, but since Cryptsy's (the only exchange that has enough volume with most coins to make arbitrage feasible) deposit/withdrawal systems are so incredibly slow/broken, it's usually not worth your while.