Should - more information here (manufacturer's website) -
http://www.davisnet.com/drive/products/carchip_products.asp
Looks like it's not a "direct" code reader - it interrogates the computer and stores data, when you then download to a Windows machine (probably via a provided interface cable.)
Looks like there's a view for DTC's (Diagnostic Trouble Codes) in the software interface - but I'm not sure there's a provision for clearing the CEL/MIL once you fix the problem. A dedicated code reader should have that, because you actually plug the device into the OBD port and it becomes a peripheral of the vehicle's computer while it's plugged in.
AutoXRay makes a decent unit (I have their OBD-I left over from when the kids lived here, and had cars of their own) and you should have no trouble finding something else locally as well. In fact, you might want to check your local AutoZone - and other parts houses (I got my AutoXRay OBD-I on sale at my local for $99, normally $160. Sweet...)
Having your own code reader is a good idea - there are OBD-II DTC's that will
not illuminate a CEL/MIL, and they'll only come up with the code reader. I'd get one, and plug it in to check as part of annual inspections...
The OBD-II diagnostic port is typically found on the instrument panel, down by your knees (its location was also standardised by SAE, to make it easy to access.)
5-90
OBD - OnBoard Diagnostics. OBD-I for first generation (~1988 to 1995) and OBD-II for second generation (1996 and later.)
CEL - Check Engine Light. Also called a MIL
MIL - Maintenance Indicated Light. Also called a CEL.
DTC - Diagnostic Trouble Code. Not terribly standardised with OBD-I (face it, OBD-I was conceived by California!) but they were standardised in very late OBD-I and all the way through OBD-II by SAE.