That looks like the Traxxas 2.4ghz Hi-Output Radio, the precursor to the TQ/TQi.
In that case? Yes. My 2-channel model was modified into the full-blown 5-channel version.
http://www.rccrawler.com/forum/elect...4-channel.html
Good article there from RC-Crawler.
One thing to note: You'll have to tell the radio it's a 5-Channel to permanently enable channel 3-5.
To do this, connect up your new switches, turn the radio off, then turn channel 5 ON. Then turn the radio on, wait 5 seconds, then off, then on again. It should have all 5 channels available in the menu for configuring after that.
I've hacked a few of them, and I noticed that little firmware hiccup after the first couple.