It will if you have the Exec-PHP plugin installed.
I've got the php code working in the content section of the text widget. I have another plugin, "Page Sidebars", which lets me add a sidebar for any page with content specific to that page.
Then I just add the php code for the title and the php code for the content and it reads whatever I have typed specific for a certain page.
The content part works fine but the title is being stripped. I think the title is being "sanitized" when I save the text widget, and that strips away my php code for the title.
I need a way to save that php code for the title so it doesn't get stripped.
I suppose I could also come up with something to eliminate the title from the text widget and then recreate the title in the content part.