It could... If by Norway spruce you mean picea abies (common European spruce), that is of course what most stringed instruments over here have used for tops for centuries. However, growing condition, soil etc matter, and you won't know how nice the wood is until it is cut, split and resawn. If it is indeed 3' wide is should be big enough for guitar tops. Read up on splitting billets and quartersawing, Shane Niefer did a few super tutorials right here on OLF a couple of years ago, you should be able to find it with the search engine.
Here's a bolt of Norwegian 'Norway' spruce (we just call them 'spruce') that was a bit smaller than yours that I got earlier this year. I didn't cut any guitar wood from it but I got some nice mandolin tops. The stuff in the back came from another (larger) bolt, which unfortunately wasn't as nice as the other one and thus became firewood. That can happen.
