no you can't use with any usb mouse. most of them will stop responding beyond 500hz. some people have even reported permanent damage when using older mice like IE 3.0 at 500hz or higher. the last time i checked the MX510 could be pushed upto a stable 450hz. my diamondback plasma can go up to 750hz where its stable. at 1000hz it just stops responding but a few other people have reported positive results. i think i even read an article where Razer themselves talk about how the diamondback plasma can do a stable 1000hz but most people haven't gotten it to work. the mx518 uses the exact same sensor as the diamondback plasma (ADNS-3080 from Agilent) so i wouldn't bet on it doing any better.
@goldenfrag, the G5 has a polling rate of 500hz out of the box without the need to patch windows. (drivers are still required i think)
personally, i don't feel the need to go above 500hz as i didn't find much of an improvement with higher numbers. 125 -> 500 was a nice big leap though.