Only parts of it.
A couple years ago I decided that considering how much time I spend educating myself on all sorts of other stuff from chemical engineering (my major) to politics to professional sports (diehard Cleveland fan) to collegiate-level distance running, I knew/know embarassingly little about the Catholic faith I allegedly believe.
Since then I've put a lot more time into learning about religion and have read a decent amount. But sitting down and reading the entire Bible is a very tall order. I've managed to get myself to read the Gospels and right now I'm very slowly getting through various epistles. But the Old Testament will probably take me years. Maybe I'll have read the whole thing by the time I die. 
Don't read the Old Testament straight through, Genesis-Malachi. That way lies madness. Pick and choose books, or even parts of books, and read them one at a time. Daniel, for example, is a very accessible, reasonably short book with some great stories (including a few in the Catholic version that aren't in the Jewish/Protestant version
). (That reminds me, I need to start a thread about Biblical Apocrypha) Proverbs is full of insightful and interesting advice, and is pretty accessible. The real mountains are either the Psalms (don't read all 150 of them in a row, but scatter them throughout your other reading) or the Major Prophets (Isaiah in particular is just gigantic. Beautiful, but gigantic).
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