Unless your wheel is the Fanatec PWTS....I'm afraid that answer is a resounding no.
However you can get a very very good wheel for the PS3 for around the same as you'd pay for a below average wheel for the XBox.
The Logitech DF:GT is a fantastic piece of kit and around the same price as an M$ wheel.
http://www.amazon.co.uk/Logitech-Dri.../dp/B001IWR9JY
Once you used a decent wheel like that you'll probably never want to go back to the substandard M$ wheel again and unless you get the new Fanatec wheel for the XBox when it's released, or already own the PWTS, it's doubtful that you'll be able to get a wheel of this quality for your XBox ever again.
Compared to the cost of buying a PS3 and a copy of GT5 finding another £80 is a pretty small affair and it'll be well worth it.