It is highly probable in the next few days that you'll be receiving an e-mail (if you haven't already) or seeing some Intarweb entry that goes like this:
"Planet Mars will be the brightest in the night sky starting August 27th 2007. It will look as large as the full moon to the naked eye. This will culminate on Aug. 27 when Mars comes within 34.65M miles of earth. Be sure to watch the sky on Aug. 27 12:30 am . It will look like the earth has 2 moons. The next time Mars may come this close is in 2287. Share this with your friends as NO ONE ALIVE TODAY will ever see it again!"
Short answer: no.
Medium answer: ARRRRRRRRGGGGGHHHHHH! LISTEN UP, YOU BLITHERING, SCIENTIFICALLY-CHALLENGED, ASTRONOMICALLY-ILLITERATE, ASTOUNDINGLY GULLIBLE NINCOMPOOPS! STOP CLUTTERING UP MY INBOX WITH THIS CRAP BEFORE I UNLEASH THE GIANT KILLER WOMBATS!
More balanced, less emotional answer: *sigh*.
Detailed answer (courtesy of Sky & Telescope magazine): "The August Mars Hoax Is Back."
Every August for the past few years I've received variants of this particular factoid from several well-intentioned friends and acquaintances and all I can do is shake my head at the sorry state of American science education. On the other hand, as the above-linked article concludes,
"The Mars chain letter is not a bad thing, it's a good thing! It is an immunization. If you make a fool of yourself by sending it to your friends and family, you may be embarrassed enough not to send them the next e-mail chain letter you get, which may not be so harmless."
Don't be taken in; instead, get up early, grab a pair of binoculars and go watch the lunar eclipse on Tuesday, August 28, should you be in a favorable location.
Snopes article on the Mars Hoax