Probably – as long as the two machines get compatible IP addresses. If your laptop has an auto-crossover capability, it doesn't even have to be a crossover cable.
If IP addresses turn out to be a problem (but just try it first), you could run a DHCP server on the R-Pi after giving it a static address itself. The DHCP server then tells Windows which IP address to use while talking on your miniature network.
The Ethernet port on the R-Pi has Auto MDI/MDIX functionality. In other words, it will auto detect and switch the Tx and Rx legs of the ethernet connection. So it doesn't matter if your PC has this functionality, or whether you use a straight or a crossed Ethernet cable.