YES
Here is the explication :
By default, playlists in Windows Media Player 9 Series or later are saved as Windows Media playlists with a .wpl file name extension. However, you can save a Windows Media playlist as an M3U playlist with a .m3u file name extension by doing the following:1.
Click Library.
2.
In the Contents pane (the left pane), expand the My Playlists category, and then click a playlist.
3.
On the File menu, click Save Now Playing List As (Save Playlist As in Windows Media Player 9 Series), click Save as type, and then click M3U Playlist(*.m3u).
4.
In the File name box, type a file name for the M3U playlist, and then click Save.
Even if your portable device supports M3U playlists, the music in the playlist might not play properly after it is copied to your device. This may occur because the path and file name references for the audio files in the M3U playlist refer to a folder on your computer or on a shared network folder