No, it does not. US power supplies support up to about 140V I think. European power supplies only support around the 220V range.
I recently moved to Europe from the US and ran into this problem. I bought a third part adapter from Amazon that was supposed to be 110V/220V compatible. It worked for three hours then died. I ended up buying a used European Xbox over here. That works great, obviously.
I assume your main concern is buying new games? I found out that a lot of Xbox games aren't region locked. There's actually a compatibility guide online:
So for example, my US bought copy of Halo Reach plays fine on my European bought 360. I can't guarantee this will work for all future game releases, but if you can deal with that, you might want to considering buying a console in Europe. That turned out to be the best solution for me.
i own an xbox which i bought in the states but now using it in a country with 220V power. all i did was to buy a stepdown transformer / adopter from a local electronic store and its been working for well over a year.
I did the exact same thing and blew up my transformer (stupidly). Now that one is dead if I went and bought a 220V power supply from my local store and plugged it into my US shipped (Amazon) should it work?
Oddly enough, probably not. The US Xbox has an extra piece of plastic in the power socket to prevent this very thing. You can, in theory, remove this chunk of plastic from the US Xbox and then plug in a 220V power brick no problem, but I haven't personally tested that.