Yes, the Pentium 4-M is a laptop CPU and yes, you can use it in a desktop. Be sure to buy an 800MHz FSB motherboard. The CPU runs at 400MHz, but the default multiplier in most boards is lower than full speed. An 800MHz FSB motherboard can compensate for that.
But you probably meant to ask about the Pentium-M, which requires a special motherboard built around a mobile chipset. The CPUs are expensive, so it's not really worth it for most people.