Short answer yes.
A longer answer would be that HD streams are no different for SD streams. They just contain much more data and would require bandwidth. In your case you would need to know what type of encoding is being used by the IP camera. In most cases, it should be H.264.
For playing back HD streams using directshow, you would require two filters:
- A network receiver filter to receive data off a socket
- A codec filter to decode the stream
If you are using a IP cam like Axis, it would be using H.264 codec and the stream would be over RTP.
You can take a look at Mainconcept SDK for a demo version of filters to support HD over RTP/H.264