How can I repair and waterproof a large crack in my foundation wall?
If your question is simply "is it ok", sure, it's ok. It may not seal the leak, though, and it may crack again if your home experiences seasonal movement due to an inadequately deep foundation or other issues. 

You should probably consult with a local expert to find a solution that's appropriate for your climate and soil, and not throw darts at the problem. An exterior patch along with a waterproof membrane might be cheaper, easier, and less expensive, for example.