Yes. I have done this very thing. Remember you have to set a "clock rate" on the serial interface on the DCE (2600 WIC-2T) end for the serial protocol to come up.
Also the clock rate must not exceed the maximum speed of either port (if one port is an A/S port, like on a 2522, then maximum is 115200, for example). A 2500 s0 port can do T1/E1 speed.
http://www.cisco.com/en/US/products/hw/routers/ps274/products_tech_note09186a00800b0858.shtml
