it may... its a little big for a bench grinder, but it's free, so who cares...
it probably has enough HP to grind some stuff... if not, get a nice sized fan blade setup, and hook it to it, make a custom shroud for the blades, and the motor, and put in your room.... add in a variable control. and voila... high power industrial personal cooling device.
just dont make the shroud out of a lousy material that you can stick your hand through still[:0]:?[:p]
EDIT: spelling errors