Serial Connection to Phone Line
Phone lines run off of the RS-232 telecommunications protocol which can run off -25v to 25v, which would completely destroy your Arduino. Luckily there is an IC made to help you with that. You can use the MAX3232 IC to convert RS-232 to TTL 5v or 3.3v (Same chip can do either). Look at providers like Digikey for just the chip or you can get a breakout from providers like SparkFun.

TL;DR Yes, but you need a special IC to not fry your Arduino.