Yes it should, below is the reference from QTP help:
For QTP's help file:
'The following example uses the GetItem method to retrieve the value of the second item in the list.
Item = Browser("index").Page("Java Examples").Frame("MAIN").JavaApplet("ListApplet"). JavaList("Identical list").GetItem("1")
I am not sure if this may give you a diff value than recorded during the select operation