Assuming, based on the syntax of your variable, that you are using PHP, then most certainly, yes.
If should look more like:
[code=php]<?php
$col = 'myCol';
$sql = "UPDATE `tbl` SET $col='stuff'";
$result = mysql_query($sq l);
// etc...
?>[/code]
The query is just a string, so you can manipulate it in any way you see fit.
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