Oi Yeah! Works just fine. Do not install it in the usual Steam Library folder, which by default is "C:\Program Files (x86)\Steam \Steamapps \common \Silent Hunter 3". Rather, make your own directory. Easier said than done if you have an existing Steam install, and only have one hard drive. Refer to Steam's Knowledgebase article
Moving a Steam Installation and Games if you have to move what you have. A 2nd usable hard drive makes it to where you can create another Steam Library folder, which is easy enough. If doing a fresh install, when the dialog comes up to ask where to install Steam, just change the "root" of the path (the "\Program Files (x86)" portion) to something you'll remember, such as "Games" or some-such... When you go to apply mods to it, remember that the game is already fully updated, and you will not need to do any of the different methods of doing such.