if it is the one I saw at wal mart it will work fine... Wal Mart also sells the moisture traps for about 12 dollars... you will need one more 1/4 inch male to male connecter to screw the airbrush hose to... (about $1.20 at Wal Mart as well)
it is more noisy than the hobby compressors but it works great! you get used to the noise after a day or so and don't even realize it is kicking on and off...
good luck!!!
---edit--- I am sure it is the same one I saw... I think it was a blue tank with a black housing around the motor.. if in doubt ask one of the sales peole they should let you open it up and see...
also I dont know if you have family living in the same house but if you think they might get upset with the compressor noise Badger-airbrush.com has a reconditioned hobby compressor in their garage sale section for $99.00 that is a quiet model....
honestly my wife doesnt really notice it when it kicks on (I have one similar to the Wal Mart one)... it sounds like a low vibration from the front of the house...