Yes. It works. I don't think it is as good as polytarp for most uses but it can make a decent tarp or tent.
Here is an idea of what is possible.
http://www.tarptent.com/sublite.html
But you likely won't get so fancy with yours.

If you are using it for covering a shed it works too.

Tyvek has been used for sails on cheap people's boats. Hey, it is cheap and it works.