Yes, most definitely. Take this skeleton code below as a base for a function that would do what you want, and place it in your functions.php:
function your_vimeo_meta_function ($post_id) {
// some verifications first
if ( $post_id == null || empty($_POST) )
return;
if ( !isset( $_POST['post_type'] ) || $_POST['post_type']!='post' )
return;
if ( wp_is_post_revision( $post_id ) )
$post_id = wp_is_post_revision( $post_id );
global $post;
if ( empty( $post ) )
$post = get_post($post_id);
/*
* do your vimeo stuff here
*/
update_post_meta($post_id, 'your_vimeo_key_name', $your_vimeo_value);
// if this key doesn't exist, it will be created. If it exists, it will be updated
}
add_action('save_post', 'your_vimeo_meta_function', 12 );