Yes, but just going to take time. The wall charger is prob not a peak type charger but is based on time, so you're basically trickle charging the NiMH pac. I assume the light on teh front is just to tell you it is plugged in. At 120ma, thats over 13 hrs if the batt is completely drained. If you start with batt discharged, you're prob looking at 12hr minimum to get some kind of charge in it.

You'd be better off with a newer charger - a peak style charger that will let you charge at 1 - 3amps. That would cut the time significantly (to just ~1hr) and deliver a better charge. There are many out there, but this is an example -

http://www3.towerhobbies.com/cgi-bin...?&I=LXCLD5&P=7