Not directly. The way XBox music works is it will scan you music library and perform a match from there library. The matched information will then be referred to as your cloud collection and will populate to your other XBox music devices. From there you can stream the music or download it to the device from their library.
The biggest hangup with XBox Music continues to be music in your library that does not get matched from the XBox Music library. I think they just skip over it now. They used to classify it all into one category called "Unknown Atrist". That was a bit messy.