yup, that will do the trick and indeed it can be configured to run in both nrpe and nsca modes.
I know that you don't want to install any additional applications but there can be real benefits in doing so. You may find that using the following eventlog to nsca agent alongside nsclient++ provides better results and is far easier to manage due to it's configuration GUI.
And if you want to collect all of your windows eventlogs consider using an Eventlog to syslog service. Something like
engineering.purdue.edu/ECN/Reso ... IX/evtsys/
Ensure that you have a syslogd server on your nagios box (syslog-ng is nice) and configure windows servers to send all messages to it. Then use one of the various Nagios log checking tools to search for errors in the resultant log file(s)
The first option has the advantage of being easier to setup. The second provides centralisation of all eventlogs which opens up the potential for data mining using a tool like Splunk. Bank on needing to read a few howtos first.
Again, I know that you don't want to use additional tools but we found that it was worth it...