Yes it can. I use it quite often. Usually in situations where I want to be a little amusing, perhaps.
Example situation: my friend's husband arrives home with a huge bunch of flowers, and a very guilty look upon his face. He has probably done something wrong. So, I turn to my friend and say, "Methinks your boyfriend is going to be sleeping on the sofa tonight!"
What I mean is, even the flowers won't help him. He's done something very bad, and my friend won't be pleased with him. So the sofa it will be!
That's the sort of situation where I might say methinks.