In theory, yes. That is, any glue that's activated by moisture (like an envelope you lick to seal) can be loosened with steam in such a way that it doesn't destroy the glue, so you can open it, read the contents, and reseal the envelope afterwards.
But in practice, there are lots of problems with the technique:
-- Steam is dangerous stuff and can give you terrible scalding burns, so you can't just hold the envelope in the steam with your unprotected fingers.
-- The steam doesn't just melt the glue; it also warps the paper and makes the ink run. So it's pretty unlikely that the owner of the envelope won't know it was tampered with.
-- It doesn't work too well with undirected steam, like from an open pot of boiling water. You really need an old-fashioned kettle where the steam comes out in a thin concentrated stream.
-- It takes FOREVER.