yes.
I use a spektrum reciever with built in failsafe on all channels and a kill switch equivalent to a killer-bee V1 that I got off ebay. Works a treat, kills when I flick a switch, kills if out of range, kills if rx battery dies.
The majority of cheaper kill switches use the position of the third channel to decide if they should open (engine run) or close (engine kill) the relay. The relay is closed under no power. Hence you just need to set the failsafe to the position that kills the engine.
Note that some kill switches work off "is the servo position signal and power OK" to decide when to kill the engine (e.g. killer-bee V2) and so thease will NOT work with a failsafe (and won't work with spektrum rx or similar which has built in failsafes). This is the type of kill switch that you attach with a Y-lead to one of your servos, e.g. on a 2 channel rx or if you are using all three chanels.
edit: just read Tonys post and realised that you mean the mechanical kill switch on the engine cover. You'd have to faff about with a spring return and another servo and allsorts. Best to spend £30 to £50 on a devent electronic kill switch as described in a few other threads doing the rounds at the moment