It depends on the drive. Most external drives require power that the tablet cannot output, and therefore cannot be used. It'll probably recognize it but when it starts spinning, that's where the power is not enough.
Not sure if a solid state external drive (if such a thing is out there) would work though, as these require much less power.
If it's an externally-powered drive, though, then yeah, it should work. As long as the drive is formatted as FAT32 or ExFAT (NTFS will not work with Android as this is an MS-proprietary file system).