What kind of rock are you speaking of? If it's a varient of calcium carbonate such as limestone, it could work. The closer the calcium carbonate is to it's origional form as a coral, the more internal spaces there will be in the rock, and it will support a larger denitrifying bacteria load.
With most other rocks, you have to worry about trace elements that could poison your tank. Find a geologist friend to help you identify the rock and it's likely makeup before putting it in your tank.