Can your nvidia geforce fx 5500 support shader model 3.0 to spider-man 3 for PC

No.  
System requirements state you need at least nVidia 7300GT or ATI Radeon X1600. But there are alternatives instead of getting a PCI-e GPU. You can save up for an X1650 which is an AGP card or perhaps the nVidia 6200GT though I recommend a 7950GT if you don't wanna play a PowerPoint slide.
-Shadownicky.