Only if you ignore what it means to believe in Christ. The reason the faithful are saved is because they obey Christ who, just a few verses before this one in John 3:3-5 had this exchange:
"Jesus answered and said unto him, Verily, verily, I say unto thee, Except a man be born again, he cannot see the kingdom of God.
Nicodemus saith unto him, How can a man be born when he is old? can he enter the second time into his mother's womb, and be born?
Jesus answered, Verily, verily, I say unto thee, Except a man be born of water and of the Spirit, he cannot enter into the kingdom of God."
or as the Resurrected Christ put it in Mark 16:16-
"He that believeth and is baptized shall be saved; but he that believeth not shall be damned."
The faithful are saved because they obey what Christ asks of them, including being baptized. You cannot be saved in the kingdom of God unless you become born again in Spirit and water, baptism and the receiving of the Holy Ghost. To claim one of those elements is unnecessary for salvation is to directly contradict the scripture. Even Paul attested that the spiritual rebirth needed for salvation, what kills the old man of sin and allows us to be reborn as new men and women in Christ was and is baptism (Romans 6:1-6). The only way one can draw the conclusion that belief is all you need to be saved can only do so by ignoring the mountain of scriptures that testify otherwise. Just as James points out in James 2:19, "Thou believest that there is one God; thou doest well: the devils also believe, and tremble," yet they are not saved by faith alone.