I don't think so. There isn't a midi connection on the x500. But what I did find was a discussion about it being used on virtual dj. I see how they are doing it. Below is a link to the forum I grabbed this from --
"The Denon X-500 & X-900 have a "X-FADER CABLE" that OUTPUTS from the MIXER to the INPUT of the Denon DN-HC4500 and then you take the Denon DN-HC4500 and connect it to your USB INPUT on your computer, etc...
Then configure it and all should work... "
So it looks like a crazy configuration and we don't have the same gear in here to test with. Unfortunately I'm not able to give you a definitive answer
www.virtualdj.com