Yes. That's how you say good luck in Danish.
There's also "Knæk og bræk!" which is the equivalent of "Break a leg!"
The verb at brække (which is what appears in this expression) means to break, snap or fracture.
The noun bræk means vomit.
If the verb is used reflexively, it means to vomit: at brække sig
- I vomit = Jeg brækker mig