I turned an old ATX supply into a general-purpose power supply (I use it for my stirplate, among other non-brewing things), and looking at the sticker on the side, the 12V rail is good for 15 amps. So if you gang all the yellow wires together (or enough of them to handle the expected current anyway), then yeah, it should work, just check the sticker on the power supply for the 12 V current rating.
I"m not sure how they respond to wacky loads like solenoids, you'd probably want to be at least a little careful snubbing the line and so forth, but it should be very doable.