As a general rule, I would say no.  There is no way to tell how long the ball was out in the environment (woods, water, etc....).  Environmental factors certainly have an impact on ball performance, so if you are serious about your game (always improving), then you are better off purchasing and playing with new golf balls.  Titleist offers a nice variety of golf balls for every level of user at varying price points.  As the old saying goes...you get what you pay for!

Kyle,

You'll likely noticed some type of performance drawback, especially with premium balls. You will probably have better luck with 'recycled' balls' vs. refinished' balls, but honestly I wouldn't strongly recommend either unless you're looking to stock up your shag bag.

Titleist sells X-OUTS and "Practice" balls that are essentially ProVs, and I would go that direction if you're looking to save some money.

When I don't play a whole lot, I go the route of recycled balls.  I would not go the route of refurbished though do to playing characteristics as previously mentioned.  But now that I play 3-4 days of week, I play with the new balls due to not losing balls and maintaining to characteristics through a couple of rounds. 

Hit em Straight