From it being a solid object with lots of surface area it will work, similar to lava rock which people use. I'm not familiar with salt water but have a feeling that liverock will raise your ph so depending on your tap ph and what your desired ph is it may not work.
i have crush coral for my tank since my pH will drop between water changes.. that is the reason why i have bags of crush coral in my sump area, to buff the pH higher.. depending what you keep like bbortko said..