No it can't. At least not directly. The saturn believe it or not is capable of outputing HDTV signals. The only reason why you can't actually do it is because the encoder chip use to convert the RGB signal into all those other tv signals can't handle that.
*grumble* don't have access to rgb.... and s-video is already being taken up by the pc.... >.<"
edit: this is most likely going inside an arcade cabinet, so I may want to use the component video.... anyone got any idea just how much these rgb->component transcoders are? I guess my other option is to get an s-video switcher... though I'd rather just have component lol.