short answer:
sorta.
Long Answer?
there is an option in steam for 'activate a product on steam'.
Open up the My Games tab, it is on the bottom. Start that up, punch in your HL CD key(s) and then download the game with Steam. You do HAVE to download the game b/c NS will NOT run on a copy of HL that has not been patched all the way up (And the only way to do that is via Steam).
Assuming you own a legal copy of HL, and have not had your CD key banned before, then you are good to go. If you do have problems, then contact Steam support at Steampowered.com.
Enjoy