Electrically, yes. The cable is exactly the same and it'll just plug straight in. (unless the SE is an original 800k SE)
Physically, no. The Colour Classic and SE's floppy drive slots in the front of the case are not the same, as they are designed for the older auto-inject floppy drives used with those machines, and thus the slots will not line up. You'll have to either hack the case or run the cable out the side of the Mac and have the drive sit next to the Mac.
"Bite off more than you can chew and then chew like all Hell" - Peter Brock