Yes- either use impact ready bits or use a DW0521 to convert from 1/4" hex shank chuck to a 3 jaw 3/8" drill chuck.
http://www.dewalt.com/tool-part-categories/Impact-Ready-Drill-Bits.aspx
http://www.dewalt.com/tools/impact-attachments-dw0521.aspx
Keep in mind the speed range of the impact driver (typically 2400-2800 max rpm) may be higher then that of a drill, depending on the model.
Can I use my impact driver as a drill?
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