Yes indeed. The 3 port valve doesn't usually come with a wiring centre, so you'll need to order one of those separately if you don't already have one.
This wiring diagram is quite easy to follow:
http://wiki.diyfaq.org.uk/images/1/11/Y-Plan-Wiring.gifEssentially you've got 5 cores in the cable from the 3 port valve, White, Grey, Orange, Blue and Green/Yellow.
Blue & Green/Yellow will terminate to their respective Neutral and Earth/CPC terminals (2 & 3 if you're using a traditional wiring centre)
White will terminate to your relay to signal when the central heating is required.
Orange will terminate to your relay to signal the boiler and pump to activate (this will also provide power to the cylinder stat if you're using one through the wiring centre - but I don't think you are)
Grey will terminate to your relay to signal the hot water to
not be on.
You're then down to programming some logic. I've attached my upstairs heating and hot water config for you to have a look it. It's very simple.
I use memory flags to then compare all rooms to signal the boiler to come on. If you're only using one temperature sensor for the boiler, you could just put it all in one Intelligent Room Controller.
David