Yes, and it can be a double-edged sword. My home office isn't heated (long story), so if I want some cheap heat in winter I'll fire up the old server and just batch convert some video. That's a pretty efficient room heater for 300 watts of power! Conversely I never convert video in summer...
It's funny how there is nothing really wrong with this. Maybe you could put it to work doing some valuable tasks, like protein folding etc? That'd be really cool!
