No. That is not recommended or garunteed to work. You should only use products made to be applied to toenail fungus. Otherwise, the Vicks might make the situation worse.
Many people use Vicks to treat toenail fungus. You have to file the top of the nail lightly and apply it. It takes a while but it does eventually work.
Vicks is intended as a chest rub. However, in limited medical trials, it has been found to help kill toenail fungus when applied to the toe nail and surrounding area.