yes, or you can download this touch friendly alarm that has that feature and many more:
http://www.ageye.de/index.php?s=galarm/screens
It's g-alarm and allows you to put your phone on mute and still hear alarms. It works in conjunction with your windows alarm, so in touchflo3d and s2u2 it will show the alarm time you set with g-alarm nicely. It also has extra features for heavy sleepers like having to complete accelerometer driven mazes and math calculations before being able to shut the alarm off. If you choose to use this great alarm, make sure to go through the settings menu to set your preferences. Also, if you download this, make sure to set alarms through the g-alarm app. Oh, and it's extremely touch friendly, so no more tiny menus like with the default WM alarm. Hope this helps.
g-alarm is free*