Depends on immigration officer at port of entry
But not worth taking a chance if you are not sure.
> Effective April 1, 2002, aliens who have applied for and been refused visa issuance while outside the U.S. are prohibited from returning to the United States, even if they are in possession of a valid I-94 form. The revised regulation also prohibits aliens who are citizens of countries on the State Department\'s list of State Sponsors of Terrorism from re-entering the U.S. using solely an I-94 form if their visa has expired.
> The previous regulation allowed individuals whose visas had expired but whose I-94 forms remained valid to re-enter the U.S. without obtaining a new visa. The previous regulation made limited distinctions among citizens of various nationalities, and aliens who applied for and were denied a new visa were nonetheless permitted to re-enter the United States. The changes we are now implementing enhance border security by requiring that aliens from state sponsors of terrorism obtain a new visa (and thus go through a new set of interviews, computer checks, etc.) before re-entering the United States, and by ensuring that people who were found by one of our overseas embassies or consulates to be ineligible for a visa cannot get around such a finding by re-entering the U.S. using solely their I-94 form.