You could modify it to work, but all the kegerator parts would still have to be bought for it. (tank, regulator, kegs, fittings, etc.)
The valves are just solenoids I believe, so you could use those but would have to modify the existing spouts, since they are designed to mix syrup and soda water and would probably agitate your beer too much, giving you a glass of foam. I can't tell from the pics whether or not that is an ice maker below, or just a cooler for ice. Either way, I doubt that lower section is refrigerated. Even the ice makers (from what I've seen) just cool the grid that makes the cubes, not the whole container.
VERY cool project if you want to turn it into a kegerator. It wouldn't be hard, AND you could serve along side soda, but it will end up costing more than building a kegerator inside of a fridge. Then again, if you ever wanted to sell it, you could sell it for more, too.