If GCC includes it, then yes, because you can install GCC on the N900 after enabling the SDK repo... Not optified though - that's something you then do manually.

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As for compiling, I went to the wiki where they give you a pre-cooked sdk installer for a Debian machine, and then set the whole thing up in VirtualBox. Then read up a little on scratchbox when the entire installation process finishes, and then use that knowledge to compile within scratchbox to the armel target.