Yup, if the BIOS supports booting from USB devices it should work like a normal floppy drive. If you don't need the bootable floppy to be writeable you can burn a bootable CD/DVD using the floppy's disk image.
Depending on your motherboard it can emulate a floppy from any USB storage device. Just the other day I found out that my motherboard's BIOS does that automatically for any USB storage device smaller than 512MB, but you can also force it to emulate a floppy from any size of USB storage device.