Yes but its effectiveness will be driven by how much water remains in the tank (size and pick up tube details). Inspect the fill cap o-ring to ensure its integrity before proceding...it is a common 'leak point'.
There are many fuel service outfits that will 'filter' the contents of your tank by circulating it thru their truck mounted system - they call it "polishing" when applied to diesel fuel. Check with your local fuel station to see if they can point you to a service provider. Many a local marine mechanic can do the same. WWW searches are also helpful.
You also need to make sure you haven't experienced the rath of ethanol and its phase separation process....many www articles on this one too.