Find similar vector by Locality Sensitive Hashing
Yes.  This is one plausible method, if you want to find pairs of vectors that are very close to each other.  Two vectors that are close in Hamming distance are likely to end up in the same bin at some point.

Suppose two vectors $v,w$ agree in fraction $p$ of their coordinates (where $0\le p \le 1$).  Then, heuristically, if we look at a pair of coordinates, the probability that $v,w$ agree on those coordinates is $p^2$; and if we choose those two coordinates for hashing, then $v,w$ will end up in the same bin.  If you hash each vector $n$ times, choosing a random pair of coordinates each time, then with probability $1-(1-p^2)^n$, there will be at least one time when they show up in the same bin.

For instance, if two vectors agree on half of their coordinates, and if you hash them 10 times, then 94% of the time they will end up in the same bin for at least one of those 10 hashes.

To know how well it will work on your particular application, you may need to try it (or at least work out the parameters of how close vectors will be, when they are close; how many dimensions they have; how many times you will hash them; etc.).