It will if it's a "funky laptop port." The deal is that a keyboard uses one half the available pins, and the mouse uses the other half. If it's a normal port on the back of a PC, then the port itself ...
My laptop is USB-only. I have a Microsoft Natural keyboard and a Microsoft Intellimouse Explorer that I use daily, and I had an adapter that allows me to plug these two PS/2 devices in and then plug ...