Yes!
It will take some work!
And you'll need to post a WHOLE HELL OF A LOT more detail to get more than that. ;-)
Taking a stab:
Rails can use legacy databases with a lot of effort manually specifying foreign key columns, table names, etc. It can be done. My suggestion, though, would be to convert the data in-place in whatever database you have by using a lot of ALTER TABLE RENAME... work and same for columns to make the old DB conform to Rails' convetions (primary key == 'id', table name is plural underscore'd version of model name, all that) before doing the import, and then you can just use plain vanilla ActiveRecord and all will be easy.