Yes, just plug it in and run with it. If there is stuff stored on the internal memory card of the Arcade, you would have to transfer it over if you really cared. Just remember to select the hard drive and not the internal memory card whenever you load a game or save. It will automatically popup and should not be an issue since the hard drive is highlighted by default.
Unless you are talking about one of the new Slims. If so, you might have to do some creative modding.
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